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Published On: Mon, Mar 20th, 2017

Panic and fear of 2008 as Zimbabwe set to print more bond notes

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Harare – Zimbabwe’s central bank has printed half of the “bond notes” quasi-currency it intends to issue under a $200 million (R2.5 billion) scheme, a state newspaper reported on Friday.

Long bank queues have persisted since the bank introduced bond notes last November.

RBZ governor John Mangudya told the Herald newspaper that the central bank had issued $102 million in bond notes, which he said was trading at par with the dollar.

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Zimbabwe Reserve Bank Governor John Mangudya. Picture: Nicola Mawson

 

In Harare, street traders were selling R100 for $8.50 when buying with bond notes and $8 when using US dollars, suggesting they are not on par. Some businesses were offering up to 30 percent discounts on dollar sales, while importers struggled to trade bond notes for dollars.

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