News:Financial services sector rejects bond notes

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<vote /> The financial services sector has rejected plans by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya to introduce bond notes.

Speaking at a Financial Markets Indaba yesterday, Zimbabwe Investment Authority chairman Nigel Chanakira asked the over 200 delegates in attendance to raise their hands in support of the bond notes, and no single hand went up. But when he asked the people to vote against the bond notes, all the delegates raised up their hands.

Chanakira said that,

"If the bond notes are 3% of the monetary circulation, why go through all this trouble? Give us something else besides the bond notes. The market does not want them so if the Reserve Bank governor is a listening man, as he has said, please remove the bond notes. The foreign exchange is skewed towards the dollar, why not focus on the Japanese yen, South African rand, or Botswana pula?"

The RBZ governor announced the introduction of bond notes in May and said the notes were expected to start circulating in October as the process takes four to five months.

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