The Reserve Bank of Zimbabwe (RBZ) will this week release a second tranche of bond notes worth $7 million, as it pushes ahead with the currency.
Source: RBZ to release $7 million in bond notes – NewsDay Zimbabwe December 8, 2016
The release will be the second inside two weeks, following the introduction of bond notes worth $10 million last Monday.
In a statement yesterday, RBZ governor, John Mangudya said the bond would be in $2 denominations notes.
“In line with the strategy to release the bond notes on a measured or drip-feed basis, the bank would like to advise the public that it is releasing the second batch of $2 bond notes amounting to $7 million this week,” RBZ said.
“This brings the total amount of bond notes disbursed to $17 million against a value of $70 million payable to exporters of goods and services under the export incentive scheme.”
Mangudya said the $5 bond notes would be released into the market in due course.
“Going forward, the bank shall continue to publicise information on the release of bond notes into the market in order to uphold its commitment to transparency which is above reproach,” he said.
The bond notes are coming under a $200 million export incentive facility guaranteed by the African Export Import Bank to boost local industries and generate more export receipts.
However, they have failed to reduce queues in banking halls.
COMMENTS
A good analogy – ‘drip feeding’. Medically reserved for those too ill to feed themselves.
They have redesigned maths as well. If the incentive is A MAX of 5% their new maths says 5 percent of 70 eqals 17 !!
Either that or if 17 is 5% of the exports, then the exports must total 340 million -In just 10 days. What a wonderful result this would be as exports would be well over a billion a month. But neither of these tie in with the Ministers budget!!
So just who is buldusting who. It is obvuiosly the governer telling the public a load of bullLL