The Big Zimbabwean Government Lie ?

The Big Zimbabwean Government Lie ?
Published: 2016 May 21 06:25:44 (1189 Views)

Truth Or Hoax, Is RBZ lying to Us?

The $200 million worth of bond notes that will be used to incentivise exporters will be printed in Germany, a Reserve Bank of Zimbabwe director for exchange control Mr Morris Mpofu has said the introduction of bond notes, which are backed by a $200 million facility provided by the African Export-Import Bank, was not supposed to be a cause for concern since the facility was not permanent but had a limited lifespan.

“The incentive will come and go, we hope that by the time it expires it would have brought in $4 billion,” he said.

He said 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 nostro (foreign) account and your bank credits that money to your account, the RBZ will credit your 5 percent export incentive (worth $500) in bond notes into your account so that your balance will be $10 500. There is no separate account for bond notes and US dollars,” said Mr Mpofu.

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

Meanwhile, Mr Mpofu said the new measures introduced by the central bank, including limiting of daily cash withdrawals to $1 000 per day or R20 000 for individuals and drawing up of an import priority list, were justified in view of the externalisation of millions of dollars by both locals and foreigners.

He said RBZ is aware that there are about 280 Zimbabweans named in the Panama Papers accused of externalising millions of dollars.

He admitted that the introduction of the multi-currency regime in 2009, which is credited for stabilising the economy, had brought with it challenges like opening up the financial system to international criminals.

The RBZ’s head of financial markets division, Azvinandaa Saburi, said the bank was expediting the use of plastic money by encouraging business to increase the number of point of sale machines. He said they were also engaging banks on reducing charges for POS transactions.

- Herald

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Anonymous user 2016 May 22 00:31:54
Seigniorage - profit made by a government by issuing currency, especially the difference between the face value and their production costs. In the case of these bond notes RBZ has already intimated that the system will stop when USD4 billion is realised from the scheme. The Federal Reserve table below shows the true production costs of its USD notes, and this is how the RBZ wishes to exchange your USD for its BOND note (assuming the production costs for the BOND notes are similar to those of the FEDERAL RESERVE) thereby make a killing by doing so:- Denomination Cost of Production $1 and $2 5.5 cents per note $5 10.9 cents per note $10 9.9 cents per note $20 and $50 10.6 cents per note $100 14.3 cents per note A BOND $1 costing 5.5c to issue will mop up 1 USD suggesting the RBZ at cost can mop up 18 USD each time. Given that they have USD200 million to play with its now very easy to see where the USD4 billion ball park figure they mention will come from. So are you willing to give up your hard earned USD for a 5.5c BOND piece of paper?

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