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RBZ to release $300m worth of bond notes, but these will not reduce cash shortages: Barclays MD

George Guvamatanga, the managing director, of Barclays Bank Zimbabwe, has said that bond notes worth $300 million, which are set to be introduced by the Reserve Bank of Zimbabwe will not help in the reduction of cash shortages because the fundamental problems in the economy are yet to addressed. Speaking at a mobile money and digital conference held last week, Guvamatanga said:

I think the reality of it is that if we don’t address the fundamental problems in the economy, the new bond notes will just disappear to where the other $200 million went.

Even if we have $1 billion in United States dollars and $1 billion in bond notes, they will still continue to disappear if we don’t address the economic fundamentals and people’s rent-seeking behaviour.

Until such a time when we can export more and have the correct pricing or valuation of money, we will continue to have cash crisis

More: Financial Gazette

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