Business / Economy
More bond notes injected into the market
21 Dec 2016 at 06:25hrs | Views
THE Central bank of Zimbabwe (RBZ) has reportedly injected an additional $12 million worth of bond notes into the market.
The new batch of notes brings the total amount of bond notes in circulation to $29 million since the introduction of bond notes a month ago.
Central bank Governor Dr John Mangudya said in a statement dated December 19, 2016 that disbursement of additional notes was in line with the bank's gradual and measured approach to disbursing bond notes into the market on a "drip-feed basis".
"In view of this positive development and the need to ensure that the banking public is not continuously constrained by the lower withdrawal limits on bond notes of $25 and $50 per day, the bank (RBZ) has with immediate effect increased the daily bond note withdrawal limit to $100 per day or $300 per week for banks that have instituted weekly withdrawal limits." The initial $10 million and $7 million tranches of the new notes came in denominations of $2 notes while RBZ has said the $5 notes will be released in "due course".
To that effect, Dr Mangudya said a cumulative total of $6.2 million bond notes have been deposited by the banking public at banks as at 16 December.
The new batch of notes brings the total amount of bond notes in circulation to $29 million since the introduction of bond notes a month ago.
Central bank Governor Dr John Mangudya said in a statement dated December 19, 2016 that disbursement of additional notes was in line with the bank's gradual and measured approach to disbursing bond notes into the market on a "drip-feed basis".
"In view of this positive development and the need to ensure that the banking public is not continuously constrained by the lower withdrawal limits on bond notes of $25 and $50 per day, the bank (RBZ) has with immediate effect increased the daily bond note withdrawal limit to $100 per day or $300 per week for banks that have instituted weekly withdrawal limits." The initial $10 million and $7 million tranches of the new notes came in denominations of $2 notes while RBZ has said the $5 notes will be released in "due course".
To that effect, Dr Mangudya said a cumulative total of $6.2 million bond notes have been deposited by the banking public at banks as at 16 December.
Source - Byo24News
