Bonds and were pegged against the U.S. dollar at a 1:1 fixed exchange rate and backed by the country's reserve.

Since abandoning the Zimbabwean dollar in 2009 after it went into hyperinflation the country began using a number of foreign currencies including the U.S. dollar, South African rand, British pound and Chinese yuan as a means of exchange.

The inability to print these currencies led to a shortage of money with banks issuing limits on withdrawals.

In November 2016 backed by a US$200 million Afreximbank loan the Reserve Bank of Zimbabwe began issuing $2 bond notes.

[5] Further plans for $10 and $20 bond notes were ruled out by the central bank's governor, John Mangudya.