Bond notes, export incentives roll-out on course, says RBZ

The Reserve Bank of Zimbabwe (RBZ) said the introduction of export incentives and bond notes backed by a $200 million AFREXIMBANK facility is still on course for rollout at the end of October.

Export incentives will be given to encourage exports including tobacco and gold receipts, while bond notes will limit foreign currency outflows.

RBZ Governor, Dr John Mangudya told mining industry stakeholders last week that the central bank is committed to improving productivity as this is the only way to boost the economy.

The central bank chief allayed fears that the introduction of bond notes is a ploy to bring back the Zimbabwe dollar.

The country's export performance has been subdued resulting in huge foreign currency outflows.

Only five items account for 80 percent of Zimbabwe's exports and these are: tobacco, gold, platinum, ferrochrome and diamonds.