Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said he will not resign because the bond notes have not yet failed.
Mangudya said bond notes have managed to increase exports by 35 percent in 2017 and 36 percent in the first six months of this year. Said Mangudya:
Yes, I said if the bond note fails as an export incentive, then I will resign when I was asked the question by a reporter from the Sunday News of Bulawayo at the introduction of the export incentive scheme. Evidence on the ground shows that the export incentive scheme paid out in bond notes has been very successful. Exports grew by 35 percent in 2017 and by 36 percent during the first six months of this year. Tobacco, for example, at 250 million kilogrammes produced this year, is the highest ever produced in Zimbabwe, gold at 28 tons during the first nine months of this year is the highest ever produced in Zimbabwe over the same period. The same is true for the manufacturing sector, where a number of firms have increased exports. The success of bond notes as an export incentive is therefore evidence-based and that’s the reason I did not resign.
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