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ZIMBABWE: Coins change fortunes

When the Reserve Bank of Zimbabwe (RBZ) announced its decision to revive old coinage, Samuel Mapuranga, 29, of Chitungwiza, a dormitory city 30km south of Harare, the capital, had something to smile about. Without enough money to buy even a loaf of bread for his two school-going children, he borrowed a pick and a shovel from a neighbour and rushed to a nearby informal garbage site. "I used to work as a till operator for a local shop owner who gave me coins to throw away because they had...

Central Banks of West African States / Banque Centrale des Etats de l’Afrique de l’Ouest: Missions and objectives

Issue of currency The Central Bank has the sole right of currency issue throughout West African Member States member States. It issues the monetary signs, banknotes and coins which are legal tender and the territory of the members States of the Union. The creation, issue and cancellation of monetary signs are decided by the Council of Ministers. Despite the development of srciptural payment media, banknotes and coins continue to be widely used by economic agents transactions....

Gambian Dalasi

The dalasi is the currency of the Gambia. It is subdivided into 100 bututs. The dalasi was adopted in 1971. It replaced the Gambian pound at a rate of 1 pound = 5 dalasi, i.e., 1 dalasi = 0.2 pound = 4 shillings. Coins In 1971, coins in denominations of 1, 5, 10, 25 and 50 bututs and 1 dalasi were introduced. The reverse designs of the three higher denominations were taken from the corresponding denominations of the previous currency (1, 2 and 4 shillings), with the reverse designs for...

Development of Currency in The Gambia

Until the middle of the nineteenth century the recognised method of payment in The Gambia was by Cowrie Shells. The earliest forms of coin were brass or copper rods and sometimes metal tokens. By 1880 silver coins, mainly in the form of French 5 Franc pieces, were in general use. In 1892 the African Banking Corporation was established in Lagos and one of the Banks functions was to supply West African countries with new British coin and repatriate redundant silver coin to London. Two years...