BOND NOTES: Government Dilly-Dallies As Citizens Adopt Plastic Money

BOND NOTES: Government Dilly-Dallies As Citizens Adopt Plastic Money
Published: 2016 August 01 05:59:40 (1881 Views)

FINANCE and Economic Development Minister Patrick Chinamasa has said the printing  of bond notes and their introduction would be done in October after finalising the signing of a tripartite agreement with the African Export/Import Bank (Afreximbank) and bond notes printers. 
Chinamasa also further reiterated that the facility of bond notes would not exceed the $200 million guaranteed by Afreximbank since the regional bank had a reputation to protect.
"The $200 million is a guarantee facility. The bond notes are coming to play a two-fold purpose, as an export bonus scheme, but more importantly to stop leakages of the US dollar. The way things are, if we brought in $2 billion today, tomorrow it will be gone."
"That is what I think we need to understand. Because of its appreciation and everybody is looking for United States dollars. They will find ways to come and mop up, siphon and fish out our US dollar(s). That is the reason also why we are coming in with the bond notes.
Measures such as boosting exports as the major foreign exchange earner through various production and export incentives, such as the 5 percent export incentive scheme and other support to gold producers are in place to boost the economy.
The minister said other measures included implementing the international financial institutions (International Monetary Fund, World Bank and African Development Bank) Arrears Clearance Programme, to unlock more external funding and lowering bank lending rates from as high as 35 percent to current levels of 6-15 percent.
He said these measures and incentives to boost exports were primarily aimed at top export earners of gold (particularly the small scale producers) and tobacco growers.





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