Reserve Bank Of Zimbabwe Misses Treasury Bills Target
The Reserve Bank of Zimbabwe has failed to raise its intended target of $200 million from its latest Treasury Bills (TBs) auction after raising only $105 million.
This is not the first time for the TBs to be undersubscribed after Treasury bills auctioned in October were met with a low appetite.
The central bank had issued a 272-day TBs which were open to commercial banks, building societies as well as the Infrastructure Development Bank of Zimbabwe and the Post Office Savings Bank.
The highest interest rate offered was 15%, the lowest 14,5% while the average was 14.509%.
Only last week, the RBZ raised $300 million after issuing a 182-day TBs which the government intends to use to fund its programmes.
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Analysts have said that the issuance of Treasury Bills with longer days shows that the government is desperate and broke since Treasury Bills are short-dated, usually 91 days.
More: The Herald