Business / Local
RBZ fails to meet bond notes target
06 Jan 2017 at 05:31hrs | Views
The Reserve Bank of Zimbabwe (RBZ) has failed to meet its target of $75 million bond notes to be in circulation by end of last year as only $72,9 million have been injected.
The central bank introduced the notes on November 28 and indicated that $75 million would be injected by end of 2016.
Only $2 bills are in circulation and it is not clear when the $5 notes would be introduced.
The bank queues have spilled into the new year as demand for cash remains high.
In a statement yesterday, RBZ governor, John Mangudya said that as at December 31, it had paid incentives to 80 percent of exporters and receivers of remittances.
"This is in line with the bank's projection of bond notes that should have been issued during this period under the export incentive scheme.
"The major beneficiaries of the export incentive scheme so far are tobacco farmers (who received) $29,4 million, gold miners $10 million and diaspora remittances at $5,4 million,".
The central bank introduced the notes on November 28 and indicated that $75 million would be injected by end of 2016.
Only $2 bills are in circulation and it is not clear when the $5 notes would be introduced.
The bank queues have spilled into the new year as demand for cash remains high.
In a statement yesterday, RBZ governor, John Mangudya said that as at December 31, it had paid incentives to 80 percent of exporters and receivers of remittances.
"This is in line with the bank's projection of bond notes that should have been issued during this period under the export incentive scheme.
"The major beneficiaries of the export incentive scheme so far are tobacco farmers (who received) $29,4 million, gold miners $10 million and diaspora remittances at $5,4 million,".
Source - Byo24News
