Bond notes worth $175 million now in circulation: RBZ

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has revealed that the central bank has now released bond notes worth $175 million in an effort to counter cash shortages.  This means that only $25 million is left from the $200 million Afreximbank facility.  The apex bank lately released $15 million worth of bond notes to add to the $160 million bond notes which were reported in June.

Speaking at the official opening of the Grant Thornton headquarters in Harare on Tuesday, Mangudya said:

We have $175 million of bond notes and, as to our estimates, we have about $600 million of currency under the multi currency, which is in mainly United States dollars, in the market and that comes to around $800 million.

If you compare the $800 million dollars with the amount which is usable balances, bank balances that are usable as measured by real time gross settlement (RTGS) transactions, which is about $1,5 billion, if we divide $800 million by the $1,5 or $1,6 billion (RTGS) that is about 50%.

So, if you have more than 40% of cash within the economy versus the $1,5 or $1,6 billion of RTGS balances that is sufficient liquidity in the economy.

HOT DEALS:
itel A70 - (128GB, 3GB RAM) $89,
itel A70 - (256GB, 4GB RAM) $99
itel P40 (128GB, 4GB), (6000mAh) $99
itel P40 (64GB, 4G), (6000mAh) $93
Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika.

WhatsApp: 0783 450 793

The RBZ is in talks with Afreximbank to increase the amount of bond notes from the $200 million which was initially reported to have been agreed on.

More: NewsDay