RBZ Issuing A New 7 Percent Savings Bond, Inviting Individuals And Companies To Subscribe
The Reserve Bank of Zimbabwe (RBZ) is inviting investors to apply to subscribe to the RBZ 7% Savings Bond. However, Applications must be for a minimum of US$100. Applications are available at the RBZ, Commercial Banks, Building Societies as well as POSB.
The savings bond means the government will be borrowing money from those who subscribe for a defined period of time and will pay back in full with interest after the period is over.
In a notice the RBZ said:
ISSUANCE OF RBZ 7% SAVINGS BOND
The Reserve Bank of Zimbabwe (RBZ) hereby invites investors:- individuals, companies, pension and provident funds, insurance companies, life mutuals. financial institutions and other interested institutions in Zimbabwe, to subscribe for the RBZ 7% Savings Bond. Applications must be for a minimum of USD100.00 (one hundred United States of America dollars) for both corporate bodies and individuals. Copies of the application forms
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Applications must be for a minimum of USD100.00 (one hundred United States of America dollars) for both corporate bodies and individuals. Copies of the application forms are available from RBZ. Commercial Banks, Building Societies and POSB.
Completed Applications Forms should be submitted through Commercial banks, Building societies and the POSB.
Features of the Bond
Issuer: Reserve Bank of Zimbabwe
Interest Rate: 7 percent p.a. (per annum)
Tenure: 1, 2, 3 and 5 years
Purpose of Issue: To provide Investors with a platform to save and invest in high yielding instruments.
Offer: Applications to be received by banks by the end of business every Thursday for issuance on Friday. Every Friday by 1200 hours
Special Features
• Rolling maturities of one year, two years, three years and five years;
• Simple interest fixed rate of 7% per annum calculated on a 365-day basis;
• Tax-free interest;
• Acceptable as collateral;
• Liquid asset status;
• Bearer instrument;
• Discount window at the RBZ 30 days after issuance for individuals and 180 days for other investors.
For further details, contact Local Dealers on 703000; 702917
