Business / Economy
Bond notes in 8 days
23 Oct 2016 at 07:29hrs | Views
The state media on Sunday reported that the central bank of Zimbabwe will take delivery of the new bond notes in the next eight days.
Reserve Bank of Zimbabwe Deputy Governor Dr Kuphukile Mlambo told Sunday News that bond notes will be available at the end of October.
Dr Mlambo dismissed media reports that Giesecke and Devrient, a printing company based in Germany, had refused to print the notes.
The Deputy Governor said bond notes will be coming into the market through banks.
He said "It doesn't mean that you will see them on the streets on the 31st of October because it depends on how long it will take for the banks to inform us how much exports have come in."
Dr Mlambo added, "We will calculate five percent of the value of those exports and pay them to the bank. We don't just put the notes on the streets like we used to do with the bearer cheques. We deposit them with the banks so that the banks will have them within their US dollar, rand and bond note vaults. lt is up to the banks to determine how to disburse that when people come to withdraw."
According to RBZ people will withdraw their salaries from banks in US dollars not bond notes.
Dr Mlambo dismissed media reports that Giesecke and Devrient had refused to print the notes.
Reserve Bank of Zimbabwe Deputy Governor Dr Kuphukile Mlambo told Sunday News that bond notes will be available at the end of October.
Dr Mlambo dismissed media reports that Giesecke and Devrient, a printing company based in Germany, had refused to print the notes.
The Deputy Governor said bond notes will be coming into the market through banks.
He said "It doesn't mean that you will see them on the streets on the 31st of October because it depends on how long it will take for the banks to inform us how much exports have come in."
Dr Mlambo added, "We will calculate five percent of the value of those exports and pay them to the bank. We don't just put the notes on the streets like we used to do with the bearer cheques. We deposit them with the banks so that the banks will have them within their US dollar, rand and bond note vaults. lt is up to the banks to determine how to disburse that when people come to withdraw."
According to RBZ people will withdraw their salaries from banks in US dollars not bond notes.
Dr Mlambo dismissed media reports that Giesecke and Devrient had refused to print the notes.
Source - Sunday News
