Friday, May 10, 2019

RBZ Introduces More Bond Notes

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Financial news site and watchdog Financial Express reports that the Reserve Bank of Zimbabwe (RBZ) has introduced a new lot of Bond Notes to cater for tobacco growers.
According to the report Dr Mangudya introduced $12m new notes to cater for the demands of the farmers.
The amount takes the total value of Bond Notes in circulation in the country to $450m.
Mangudya has previously said that the central bank continues to exercise restraint on the release of cash into the market to curb inflation.
Bond coins and bond notes in circulation in the economy account for around 5% of money supply.
“But following the start of the tobacco marketing season, new notes were injected to enable growers to withdraw cash.”
Speaking on inflation, Mangudya said the central bank is targeting inflation to end the year at 15% with deceleration expected to start around October.