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Breaking News…#Zimbabwe to introduce Bond notes as cash shortages bite

Breaking news…Zim to introduce bond notes as cash shortages bite

HARARE, May 4 (The Source) – Zimbabwe says it will introduce local “bond notes” and has tightened daily withdrawals to ease an acute shortage of cash, central bank governor, John Mangudya said on Wednesday.

The public will now only be able to withdraw a maximum of $1000, Euro 1000 and R20,000 from their accounts daily.

Mangudya has also announced that, with effect from May 5, 40 percent of all new US dollar receipts will be converted to rand, “in order to restore and promote the wide usage of currencies in the multicurrency basket”.

The RBZ governor did not give a specific date for the introduction of the bond notes, but only said this will be in “over two months’ time”.

Earlier, Finance Minister Patrick Chinamasa had told Parliament that the circulation of the Rand in Zimbabwe had “been declining to a point where last year it came to zero.”

More details to follow…..

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