Banks To Issue Out Bond Notes Next Month: RBZ

Banks To Issue Out Bond Notes Next Month: RBZ
Published: 2016 July 29 06:28:45 (3742 Views)


The Reserve Bank Of Zimbabwe has once again announced that the bond notes will start circulating in August next month amid growing skepticism and dissent by the masses over the introduction of the Zimbabwean notes. 
 revealed that its has not yet changed its plans to introduce bond notes into circulation, amid mass rejection of the policy.

RBZ Governor, Dr John Mangudya sugar coated the bond note policy claiming that it will encourage exports from the country as it will go in-hand with the export incentive.

Dr Mangudya said if bond notes were to be introduced today, exporters would be entitled to $36 148 455 from total export earnings of $891 549 260.

Monetary authorities introduced the export incentive scheme, backed by a $200 million Afreximbank facility. The bond notes are coming as a funding mechanism of the export incentives to the banking sector.

“Since we announced the policy measures any exporter who exported between May 5 to date is entitled to five percent or 2,5 percent incentives depending on the size of the company. If the bond notes were there today they would get over $36 million as export incentives,” said Dr Mangudya.
Government has made projections that the bond notes will start circulating around August.

This sugar coating comes amid frantic efforts by public to reject the repetition of 2008's bearer cheque regime.






- Herald
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