Business / Economy
Get ready for bond notes - RBZ
15 Sep 2016 at 11:10hrs |
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The Zimbabwe Reserve Bank today confirmed the introduction of local bond currency at the end of October just in time to pay civil servants bonuses.
By end of December $75million worth of notes will be in circulation, RBZ governor John Mangudya said in his mid term monetary policy.
He said they will start with $2 and $5 notes.
The central bank plans to introduce the bond notes in a bid to ease a shortage of bank notes blamed on a widening trade gap and the smuggling out of physical US dollars, Zimbabwe's adopted currency since it dumped its inflation-ravaged currency in 2009.
By end of December $75million worth of notes will be in circulation, RBZ governor John Mangudya said in his mid term monetary policy.
The central bank plans to introduce the bond notes in a bid to ease a shortage of bank notes blamed on a widening trade gap and the smuggling out of physical US dollars, Zimbabwe's adopted currency since it dumped its inflation-ravaged currency in 2009.
Source - Byo24News
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