RBZ Set To Release More 7 Million Bond Notes

The Zimbabwean Central bank (RBZ) has said that it would release 7 million Bond Notes (worth 7 million USD) into the economy in the coming week while Finance Minister Patrick Chinamasa also prepares to present the 2017 budget.

“In line with the strategy to release the Bond Notes on a measured or drip feed basis, the Bank would like to advise the public that it is releasing the second batch of $2 Bond Notes amounting to 7 million bond notes this week,” the RBZ said in a statement on Wednesday.

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“This brings the total amount of Bond Notes disbursed to $17 million against a value of $70 million payable to exporters of goods and services under the Export Incentive Scheme.”

This is coming after the release of 10 million US dollars worth of Bond Notes, as well as two million US dollars worth of bond coins which were circulated last week Monday.

The Zimbabwean Central bank promised to release a total of 75 million USD before Christmas.

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So far the RBZ have released bond coins and Bond notes in denominations of 2. The RBZ, however, plans to release the 5 denomination notes in “due course”.

Although there were skepticisms surrounding the entrance of the bond notes, some Zimbabweans are warming up to the new currency despite having fears that it could lead to another hyperinflation similar to the 2009 era in Zimbabwe.

The Central Bank of Zimbabwe thanked Zimbabweans for “embracing” the new currency.

Finance Minister, Patrick Chinamasa, is expected to present the budget for 2017 sometime today. The 2016 budget was $4 billion and so far, no budget has exceeded $4,5 billion since the ‘dollarization”of the economy.