Zimbabwe prints $102m in bond notes —half its limit
Notes are intended to be pegged to the dollar but fears have been raised that the Reserve Bank of Zimbabwe will print more than planned
Harare — Zimbabwe’s central bank has printed half of the ‘bond notes’ quasi-currency it intends to issue under a $200m scheme, a state newspaper reported on Friday, as the country grapples with a biting shortage of US dollars. The notes are intended to be pegged to the US currency but fears have been raised that the Reserve Bank of Zimbabwe (RBZ) would print more than planned, undermining their value. Long bank queues have persisted since the bank introduced bond notes last November with the moribund economy desperately short of dollars. RBZ governor John Mangudya told the Herald newspaper that the central bank had so far issued $102m in bond notes, which he said was trading at par with the dollar. Mangudya did not answer his phone when contacted for further comment. But in Harare on Friday, 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 are offering discounts of up to 30% on dollar...
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