BOND NOTES Will Come And Go: RBZ

BOND NOTES Will Come And Go: RBZ
Published: 2016 May 21 10:04:33 (1139 Views)
RESERVE Bank of Zimbabwe director for Exchange Control Morris Mpofu has revealed that the much unwanted bond coins will "come and go" as they will only be used to recover billions of US dollars that have been siphoned from the country through wire transfers or hard cash.

 

"The incentive will come and go, we hope that by the time it expires it would have brought in $4 billion," Mpofu told delegates to the Chamber of Mines meeting in Victoria Falls yesterday.

 

He also revealed the government had hired a Germany company to print the notes.

 

"The same Germans who printed the South African rand which were recently impounded at Harare International Airport and later released are the ones who are printing the notes," he said.

Mpofu further stated it was critical to note that the bond notes were a minute percentage of the deposits that the country was holding. 

"If you look at this facility it’s very little to warrant the return of the Zimdollar," adding that it was critical for people to understand how the facility would work.

"If, for instance, you export goods worth $10,000, when the money is paid into a foreign account and your bank credits that money to your account, the RBZ will credit five percent export incentive worth $500 in bond notes to your account so that your balance will be $10,500. There’s no separate account for bond notes and US dollars," said Mpofu.

“If you then go to the bank and get bond notes, you can easily exchange them at any Homelink offices. So there’s no need for alarm,” he said.



- Zim Metro
 0

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