More bond notes injected into the market

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.