Afreximbank Position On Bond Notes Unclear

Afreximbank Position On Bond Notes Unclear
Published: 2016 July 01 04:23:11 (2710 Views)
The Africa Export and Import Bank, is yet to publicise its position on the yet to be launched Zimbabwean Bond Notes.

The decision to introduce bond notes by the Reserve Bank of Zimbabwe has been vehemently declined by the public. But RBZ is set to launch the notes in September this year.

The RBZ has said the bond notes, which will trade at a ratio of 1:1 with the US dollar, are backed by a $200 million Afreximbank bond facility, from which they derive their name.

The same bank earlier provided a $50 million facility which the central bank used to introduce “bond coins” at the end of 2014.

But since the RBZ made the announcement early last month, Afreximbank has remained mum on the issue, leading to questions on the authenticity of the bond notes, an issue that crept up again at the inaugural financial indaba held in Harare yesterday.

RBZ deputy director in charge of exchange control, Farai Masendu told delegates the regional financial institution would soon speak out on the matter.

Masendu said the issue of bond notes was shrouded in mystery and the central bank would be embarking on awareness programmes to clear some misconceptions.

He said the RBZ was a “listening bank” which had met with all the stakeholders to get their views on the impending bond notes launch.

Masendu said the notes would be introduced into circulation through banks as part of incentives credited to exporters to boost exports, which are the country’s major source of foreign currency.

“After exporting, the money is credited into the account of the exporter and the bank gets the notes, that is how the money will get into circulation,” he said.

He said the bank was also exploring expanding the five percent export incentive to other categories such as farmers to encourage them to produce more.

- Herald
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