RBZ holds stakeholders meeting in Masvingo

The Reserve Bank of Zimbabwe has revealed that the introduction of bond is not meant to ease cash shortages which have hit the country for the better part of this year.

"The introduction of bond notes is meant to incentivise exporters so that there is more foreign currency in the country and not to ease cash shortages for the people.

"Instead we encourage people to use electronic money which has paper trail as cash causes corruption and money laundering, to that effect the RBZ has reduced charges on transfers and other measures are in the pipeline towards a cashless society," said Amon Chitsva, head of policy and research at the apex bank.

He said this at the bond notes stakeholders consultative meeting organised by the Consumer Council of Zimbabwe Masvingo region at the Civic Centre on Monday this week.

The 5% incentive on exporters will help grow the economy as the manufacturers and gold producers will double their production in order to get the money.
He added that for the past ten years the bank has been on an all-out campaign to encourage the public and businesses to use electronic money and the introduction of bond notes will not stop the bank to continue with the program.