Harare - Zimbabweans must brace for another set of bond notes in bid to ease the prevailing cash crisis, the Reserve Bank of Zimbabwe has s...
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Harare - Zimbabweans must brace for another set of bond notes in bid to ease the prevailing cash crisis, the Reserve Bank of Zimbabwe has said.
The central bank governor John Mangudya who made the announcement, said the bond notes are likely to be introduced within the next two months.Mangudya also announced a priority list to guide banks in making foreign currency payments, with the highest priority being given to imports of critical and strategic goods such as basic food stuffs and fuel, health and agro chemicals that are not available locally.
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| Reserve Bank of Zimbabwe Governor Explains his Plans |
“This policy stance will ensure that the available foreign exchange resources are efficiently appropriated towards those sectors of the economy with capacity to generate the much needed liquidity to fund the economy’s foreign payments,” he said.
Zimbabweans are currently being restricted to a daily withdrawal of $50 due to the cash crisis. The country introduced bond coins a year ago, which were rejected by many people claiming that the nation was attempting to re-introduce the defunct Zimbabwe dollar.
In order to restore and promote the wide usage of currencies in the multi-currency basket Mangudya said with effect from May 5, 40 percent of all new US dollar receipts will be converted to the South African rand at the official exchange rate.
The public will be able to withdraw a maximum of $1,000, 1,000 Euro and 20,000 Rands from their accounts on a daily basis. - Online Sources
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