RBZ says $73mln in bond notes now in circulation

HARARE,– The Reserve Bank of Zimbabwe (RBZ) says it has released into circulation $72,9 million worth of bond notes since the surrogate currency was introduced last November.

The bond notes were introduced to tackle a US dollar note shortage but bank queues have spilled into the new year as demand for cash remains high. The central bank also uses the notes to incentivize exports and remittances.

With limited investment flowing into the country, remittances, have become a key source of liquidity for Zimbabwe. Foreign Direct Investment into the country fell 23 percent to $421 million in 2015 while diaspora remittances amounted to $2 billion.

The central bank said in a statement 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,” said the central bank.

The bank expects to release $200 million worth of bond notes in total under an Afreximbank loan facility. – Source

Related Posts
RBZ subsidiary buys cutting and polishing equipment, targets export market
HARARE,– Aurex Diamonds, a subsidiary of the Reserve Bank of Zimbabwe says it now has the capacity to cut and polish diamonds on a large scale for the export market ...
READ MORE
Reserve Bank of Zimbabwe Governor John Mangudya gestures during an interview in Harare, March 16, 2016.   REUTERS/Philimon Bulawayo
Harare – The Zimbabwean central bank says the troubled southern African country will not introduce a local bond currency next month if there are no exports as pressures mounts for ...
READ MORE
The Return of the Zimbabwe Dollar – Part 1
The Zimbabwe dollar is currently in a state of suspended animation created by the then Finance Minister, Tendai Biti  in an effort to reign-in inflation that was running at over 79,600,000,000.00% in ...
READ MORE
Volume of financial transactions dips amid cash woes, RBZ data shows
HARARE,– The total volume of transactions recorded in Zimbabwe’s National Payment System (NPS) declined marginally to 7,838,439 in the week ended November 4 from 7,952,480 in the previous week, a ...
READ MORE
Chinotimba asks why Parliament is debating bond notes when they are already in circulation
Buhera South legislator Joseph Chinotimba told Parliament not to waste time by discussing a currency that was already in circulation. “We should just make sure the bill ion bond notes sails ...
READ MORE
Mood gets grimmer in Zimbabwe over Mugabe, diving economy
HARARE, Zimbabwe (AP) — In Zimbabwe's capital, a man fills two drums with gasoline at a station that still accepts electronic payments in a country where many vendors demand cash, ...
READ MORE
Value of financial transactions up 23pct following bond notes injection
HARARE,– The value of transactions processed on Zimbabwe’s National Payment System (NPS) increased from $1,2 billion to $1,5 billion as the volume of transactions went up by 13 percent in ...
READ MORE
Broad money supply rises in June – central bank
HARARE,– Zimbabwe’s annual broad money supply growth rate increased from 12.5 percent in May 2016, to 13.1 percent in June 2016 driven by an increase in demand deposits, latest data ...
READ MORE
SOMALIA BANKING FIRST ATM
Global payments technology company, Visa, will next month introduce a settlement service which allows Zimbabwean banks to settle domestic United States dollar-denominated transactions locally. BY BUSINESS REPORTER The move comes as local ...
READ MORE
Standard Chartered appoints Ghanian as its Southern Africa CEO
Standard Chartered Bank has announced the appointment of Kweku Bedu-Addo as CEO of the Southern Africa Region comprising Mauritius, Botswana, Zimbabwe, Zambia, Angola and South Africa. The appointment is subject ...
READ MORE
RBZ subsidiary buys cutting and polishing equipment, targets
Zimbabwe in bid to calm markets over new
The Return of the Zimbabwe Dollar – Part
Volume of financial transactions dips amid cash woes,
Chinotimba asks why Parliament is debating bond notes
Mood gets grimmer in Zimbabwe over Mugabe, diving
Value of financial transactions up 23pct following bond
Broad money supply rises in June – central
Visa introduces Zimbabwe service
Standard Chartered appoints Ghanian as its Southern Africa

Arts & Entertainment

Arts & Entertainment

Jennifer Lopez coyly addresses Drake relationship amid romance rumours

20th January 2017 Staff Reporter 0

Jennifer Lopez claims her relationship with rapper Drake is strictly professional. In a new interview, the Shades Of Blue actress avoided questions about their rumoured romance and instead, confirmed they have collaborated on a new […]