Business / Local
Mangudya to print 400 million bond notes
26 Jun 2019 at 18:24hrs | Views
Zimbabwe will begin printing bond notes to cover the gap left after the banning of foreign currency as legal tender in Zimbabwe.
New Zimbabwe.com has reported that Reserve Bank of Zimbabwe Chief Dr John Panonetsa Mangudya said the central bank will very soon turn on its printing machine to increase bond notes circulation intending to cover the gap left after the ban of the multi currency regime.
Mangudya is reported to have said about 400 million bond notes are expected to hit the market and he assured the nation that the central bank will keep the printing machine to a level that will not cause devaluation.
Earlier on Wednesday Mangudya said the new measures are meant to preserve foreign currency
• Foreign NGOs, embassies can still pay staff in forex
• Withdrawals from personal FCAs allowed.
"We're just doing what other countries are doing regards foreigners or tourists coming into the country with forex," he said.
New Zimbabwe.com has reported that Reserve Bank of Zimbabwe Chief Dr John Panonetsa Mangudya said the central bank will very soon turn on its printing machine to increase bond notes circulation intending to cover the gap left after the ban of the multi currency regime.
Mangudya is reported to have said about 400 million bond notes are expected to hit the market and he assured the nation that the central bank will keep the printing machine to a level that will not cause devaluation.
Earlier on Wednesday Mangudya said the new measures are meant to preserve foreign currency
• Foreign NGOs, embassies can still pay staff in forex
• Withdrawals from personal FCAs allowed.
"We're just doing what other countries are doing regards foreigners or tourists coming into the country with forex," he said.
Source - Byo24News
