THEY ARE HERE

Chronicle (Zimbabwe) - - Front Page - Oliver Kazunga/Mashudu Net­sianda

THE Re­serve Bank of Zim­babwe (RBZ) is set to re­lease bond notes into the mar­ket to­day in a move that is set to stim­u­late eco­nomic growth and ease cash shortages.

RBZ Gov­er­nor Dr John Man­gudya said the bond notes were be­ing re­leased through nor­mal bank­ing chan­nels in small de­nom­i­na­tions of $2 and $5 to fund ex­port in­cen­tives of up to five per­cent which will be paid to ex­porters of goods and ser­vices and di­as­pora re­mit­tances.

The RBZ will re­lease bond notes worth $10 mil­lion into the mar­ket start­ing to­day with the with­drawal lim­its set at $50 per day and $150 weekly.

The notes will be pegged at 1:1 against the US dol­lar.

A new $1 bond coin has also been in­tro­duced.

The $2 bond note is green and has images of bal­anc­ing rocks on one side and the in­de­pen­dence flame on the other.

The pur­ple $5 bond note has bal­anc­ing rocks and three gi­raffes.

Se­cu­rity fea­tures on both notes in­clude a Zim­babwe bird wa­ter­mark, see-through per­fect regis­ter, tac­tile marks for the vis­ually — im­paired, se­cu­rity thread, al­pha-nu­meric let­ter­ing and op­ti­cally vari­able ink.

The chair­per­son of the Par­lia­men­tary Com­mit­tee on Fi­nance and Eco­nomic De­vel­op­ment, Cde David Chap­fika, said bonds notes would help stim­u­late the growth of the econ­omy through in­creased ex­port earnings.

It is also en­vis­aged that the bond notes will help ease the pre­vail­ing cash shortages the coun­try has been ex­pe­ri­enc­ing since April this year.

Cde Chap­fika, a for­mer Deputy Min­is­ter in the Min­istry of Fi­nance, urged Zim­bab­weans to em­brace the bond notes de­spite neg­a­tiv­ity by some sec­tions of so­ci­ety and op­po­si­tion par­ties.

“The bond notes will pro­mote ex­ports and help boost the econ­omy as well as sta­bilise the sup­ply of money on the mar­ket. Ex­porters will not nec­es­sar­ily use the bond notes, but they will be cred­ited into their ac­counts ex­change­able at par value with the United States dol­lar,” he said.

Cde Chap­fika said the bond notes would op­er­ate in the same man­ner as the bond coins.

“For in­stance, a re­tailer will or­der cash from his or her bank and get it in a mix­ture

Newspapers in English

Newspapers from Zimbabwe

© PressReader. All rights reserved.