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The Reserve Bank of Zimbabwe (RBZ) on Friday 13 September hiked its overnight lending rate from 50% to a record high 70%.
The central bank had on the 24th of June this year raised the interest rates from a record low of 15% in March to 50% following the introduction of Statutory Instrument (SI) 142 of 2019 which outlawed the use of all foreign currencies for domestic transactions.
The SI also reintroduced the Zimbabwe dollar the country had ditched a decade ago following a record high hyperinflation.
More: <a href="https://tradingeconomics.com/zimbabwe/interest-rate">Trading Economics;</a>

Pindula News

RBZ Hikes Interest Rates Again

In a speech in Southlea Park, President Mnangagwa explained how Zimbabwe’s new currency will work. He said that the multi-currency regime had contributed to the uncontrolled increase in prices of basic commodities and that once Zimbabwe its own currency, prices would stabilise.
<blockquote class="twitter-tweet" data-dnt="true" data-width="550">
<a href="https://twitter.com/hashtag/ED?src=hash&amp;ref_src=twsrc%5Etfw">#ED</a> is a genius,he is going to introduce our own currency that is better than the FAILED Z$ &amp;Bond note,that will not lose its value! You will go to sleep&amp;wake up the following day &amp;KOKORA will still be the same Kokora &amp; same value ! <a href="https://twitter.com/hashtag/VARAKASHI?src=hash&amp;ref_src=twsrc%5Etfw">#VARAKASHI</a> clap hands for your leader 👏👏👏 <a href="https://t.co/GOL6YNPOgH">pic.twitter.com/GOL6YNPOgH</a>
— LynneM 💕💝💎 (@LynneStactia) <a href="https://twitter.com/LynneStactia/status/1137253724404011011?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
Said Mnangagwa:
<blockquote>Those in the diaspora will send their money and so on. Investments will also come in the form of foreign currency. However, as a country, we are supposed to have our own currency. So we have started that journey. We have started it because right now you’re told the USD is 1:5 against the Bond note, and you wake up the next day the rate is 1:6, and the next day 7 then 8 and so on.
When they do that, they then say the price of bread and other things has done up, because of that exchange rate. But if you buy a bottle of Coca-cola, and you go to sleep, the next it will remain a bottle of Coca-cola. It doesn’t change. The same thing happens with a pair of tennis shoes. It doesn’t change value between days. It’s the same with a chair. The next day, it’s just the same chair. But they say the price has changed.
It happens because we don’t have our own money. We will get to a point where the America dollar or the Pound will be a currency you only keep but cannot transact with. When you want to buy, you will have to go to a bank to change and exchange it for our own money, which we will make. You will be told about this new currency.</blockquote>

WATCH: "Kokakora Haichinje" - Mnangagwa Explains New Currency (Shona Translated)

Zimbabwe’s new currency, the RTGS dollar traded at its lowest against the US dollar on the interbank market on Thursday, since it was introduced.
According to official data from the Reserve Bank of Zimbabwe (RBZ) the RTGS dollar traded at 2.7 against the U.S. dollar.
The country abandoned the discredited 1:1 dollar official peg on Feb. 20 when the RBZ governor announced the Monetary Policy Statement (MPS).
Since then, the bond notes and electronic dollars into a transitional currency called the RTGS dollar.
The value of the RTGS dollar had held unchanged at 2.5 to the U.S. dollar since Feb. 22, leading to accusations the central bank had fixed the exchange rate.
RBZ governor John Mangudya told parliament on Monday that he expected the RTGS dollar to weaken further by the time important tobacco auctions open next Wednesday.
<h4>Related:</h4>
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<h4><a href="https://news.pindula.co.zw/2019/03/12/rtgs-dollar-to-weaken-ahead-of-tobacco-auction-rbz/" rel="noopener" target="_blank">RTGS Dollar To Weaken Ahead Of Tobacco Auction – RBZ</a></h4>
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<h4>More: <a href="https://af.reuters.com/article/investingNews/idAFKCN1QV1ZU-OZABS?feedType=RSS&amp;feedName=investingNews&amp;utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+reuters%2FAFRICAbusinessNews+%28News+%2F+AFRICA+%2F+Business+News%29&amp;&amp;rpc=401" rel="noopener" target="_blank">Reuters</a></h4>

RTGS Dollar Weakens On Interbank Market

Reserve Bank of Zimbabwe governor John Mangudya said that the bond note did not fail.
When Mangudya introduced the surrogate currency in 2016, he promised to resign if it failed.
Speaking before the Tendai Biti-chaired Parliamentary Public Accounts Committee hearing on Monday to discuss Zimbabwe Assurance Management company (ZAMCO) debts, government overdraft facility with RBZ and value of bond notes, Mangudya insisted that the fiat currency did not fail. He said:
<blockquote>The bond note did not fail, it was an export incentive and it pushed exports.
What failed is the economy, due to excess government expenditure. We now had excess funds in the economy and couldn’t maintain parity between the bond note and the United States dollar.</blockquote>
Mangudya revealed that the Central bank was left with only US$500 million in its coffers.
<h4>More: <a href="http://zimmorningpost.com/bonds-notes-did-not-fail-mangudya/">Zim Morning Post</a></h4>

The Bond Note Did Not Fail, It Was The Economy That Failed - Mangudya

Illegal foreign currency dealers remain optimistic that their operations will not be affected by the introduction of the interbank market auction of the real-time gross settlement dollars (RTGS$).
US$100 is being exchanged for $370 RTGS$ or bond note on the black market, while on the interbank market it is trading at 1:2,5.
An illegal foreign currency dealer who spoke to Newsday had this to say:
<blockquote>This thing about banks is not an issue for us; they don’t have the money and we will continue to supply both industry and individuals with the much-needed foreign exchange, both in RTGS$ and United States dollars, giving the most attractive rate and efficient trade.</blockquote>
Banks believe that the parallel market will continue to exist since they do not offer US dollars willy-nilly. A senior banker who spoke to Newsday said:
<blockquote>We are only selling to people with invoices that prove they want to import, so if you just come in and try to buy US dollars, we are not selling to individuals, they will have to go to the bureau de change because banks won’t cater for that.</blockquote>
<h4>More: <a href="https://www.newsday.co.zw/2019/02/forex-parallel-market-bullish/">Newsday</a></h4>

Illegal Forex Dealers 'Offer The Most Attractive Rate'

In an interview with Zimbabwe Independent Senior reporter Tinashe Kairiza (TK) central bank governor John Mangudya denied the bond note did not lose value against the US dollar.
He said it was not the bond note that lost value but inflation rates went up in October last year. He also denied the bond note failed. Below is an excerpt of the interview:
<blockquote>TK: At inception, the bond note was supported by various Afreximbank facilities in excess of US$300 million. However, the local unit was gradually losing value against the US dollar. What eroded the value of those support facilities?
JM: That is not true. What happened is that the fundamentals of the economy were changing significantly in October. Let us just call a spade a spade. The parallel exchange rate in June was at a premium of $1 200 to $1 800 during the year 2018 up to September. Therefore, the bond did not lose much ground at that rate. Fast forward to October, the fundamentals changed, inflation went up by 5%. All these incentives were higher than inflation, so it means it was a real incentive. Inflation went up to 20% in October, now 42%. It is not the bond note which has lost value; it is inflation which has gone up. We can no longer sustain that anymore. We now want to fix the inflation. Fix the rate. Stabilise the exchange rate.</blockquote>
More: <a href="https://www.theindependent.co.zw/2019/02/22/bond-note-rtgs-model-didnt-fail-mangudya/">Independent</a>

Bond Note Did Not Lose Value, Inflation Increased- Mangudya

Former Minister for Finance and Economic Development, Tendai Biti said that today’s much anticipated Monetary Policy Statement should rather strengthen the multi-currency regime instead of liberalising the exchange rate. Writing on <a href="https://twitter.com/BitiTendai/status/1098113598616948737" rel="noopener" target="_blank">social media</a> on Wednesday, Biti said:
<blockquote>Today’s Monetary Policy will lack the thunder of a new currency after we caught them with their pants down. A decent Monetary Policy should however 1) demonetize the bond note 2) ring fence RTGS balances 3) strengthen the multi-currency regime 4) remove export retention 5) stop quasi fiscals.
Liberalizing or floating exchange rate is dealing with symptoms. Bond note should simply be ejected. Besides bond note and its fictional parity is set as law in the RBZ Act so only Parliament can float or liberalize exchange rate.
Liberalizing or floating exchange without ring-fencing RTGS balances will have the disastrous consequences of devaluing people s balances. Floodgates of litigation will open. The RBZ will be held to account after maintaining and defending the fiction of a bond, US $ parity.
Further floating exchange rate and retention of the bond note will guarantee the continued existence of a key pillar of corruption in this economy. ZANU elites will continue raiding the RBZ for cheap foreign exchange which they will arbitrate. Real reform is ejecting bond notes.
The truth of the matter is that no amount of economic tinkering can resolve the huge structural challenges Zimbabwe is facing. The crisis is political. It’s a crisis of legitimacy and governance. No one can govern without the consent of the people. Illegitimacy breeds illegitimacy.
With great respect to Venezuela, ours must surely be the worst government on the planet.</blockquote>
<h4>Related:</h4>
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<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/02/11/biti-insists-new-currency-has-been-printed-says-govt-caught-with-pants-down-over-new-currency-reports/" rel="noopener" target="_blank">Biti Insists New Currency Has Been Printed, Says Govt ‘Caught With Pants Down’ Over New Currency Reports</a></h4>
</li>
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FULL THREAD: Eject Bond Note, Ring-fence RTGS Balances, Biti Tells Mangudya

A Reserve Bank of Zimbabwe (RBZ) official who spoke to Bloomberg said the central bank  is considering devaluing the bond note as part of a number of reforms to Zimbabwe’s foreign-exchange system.
The RBZ official who spoke to Bloomberg on condition of anonymity said the central bank is likely to unveil the measures in its Monetary Policy Statement to be announced on Wednesday. When contacted by Bloomberg, RBZ Governor John Mangudya was said to be unavailable in his office.
The official said the decision to adjust the value of bond notes follows submissions by the business community, company officials and individuals about how to formalize foreign-exchange trading in Zimbabwe. He said government supports the move because it accepts the official one-for-one peg to the dollar isn’t working. Bond notes currently trade at 3.61 per dollar on the black market, while RTGS$ are valued at about 3.75 per dollar.
More: <a href="https://www.bloomberg.com/news/articles/2019-02-19/zimbabwe-central-bank-is-said-to-consider-devaluing-bond-notes">Bloomberg</a>

RBZ Considering Devaluing Bond Note- Report

Speaking to the Zimbabwe Broadcasting Corporation (ZBC) on Monday, Eddie Cross said the bond note is the strongest currency in the SADC region.
Cross said the rate of the bond note shows the underlying strength of the Zimbabwean economy. Said Cross:
<blockquote>The underlying economy actually is fine, it’s growing, exports are growing and the fundamentals are strong and this was reflected by the fact that by Christmas the rate to the RTGS (Real Time Gross Settlement) dollar had come down to 2,83.Now at 2,83 everybody has got to understand that the bond note is the strongest currency in the SADC region, because it is a currency, and this indicates the underlying strength of the Zimbabwe economy despite the problems.</blockquote>
More: <a href="https://www.herald.co.zw/economic-stability-by-june-cross/">Herald</a>

Bond Note Is The Strongest Currency In SADC Region- Eddie Cross

A Reserve Bank of Zimbabwe (RBZ) senior director said the country is not ready to liberalise the bond note exchange rate or introduce a new currency as this will raise inflation and worsen the economic situation.
Speaking during a business leaders’ seminar organised by the Seventh-Day Adventist Church in Bulawayo on Sunday, RBZ senior director William Kavila defended the 1:1 US$/RTGS or bond note official exchange rate. Said Kavila:
<blockquote>We cannot liberalise the (bond note) exchange rate now because our economic fundamentals are not right. If we liberalise the bond note, inflation will rise by 600 per cent creating more economic challenges than we have now. This will take us back to the 2008 inflation where money lost value overnight and nobody here wants to hear of that period. We need to first improve on our reserves and have import cover for at least three months and we are looking at about $1 billion of import cover.</blockquote>
More: <a href="https://www.chronicle.co.zw/country-not-ready-to-liberalise-bond-note-exchange-rate/">Chronicle</a>

RBZ Top Official Defends 1:1 Bond Note Exchange Rate

The Confederation of Zimbabwe Industries (CZI) has called on businesses to peg prices in Rand in order solve the cash crisis and to make local products more competitive. CZI president Mr Sifelani Jabangwe said
<blockquote>There have been concerns by industry to push for the use of the rand because it is a softer currency, which will make us competitive on the export market and this might go a long way in solving the liquidity challenges we are facing in the economy…As business, I believe we should lead and peg our prices using the rand and slowly the public will gain confidence and start transacting using the currency.</blockquote>
Economist Washington Mathuthu added,
<blockquote>Government should be the first to accept the rand because at the moment most government departments are only accepting the United States dollar and bond notes. If you look at it Government only needs to pay its workers using the rand and everyone else will follow because civil servants are the majority in this economy.</blockquote>
More: <a href="http://www.chronicle.co.zw/industrialists-advocate-pegging-prices-in-rand/" rel="noopener" target="_blank">Chronicle</a>

Govt Should Pay Civil Servants In Rand, Business Should Peg Prices In Rand: Industry

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