Dinar Daily
Welcome to Dinar Daily Discussions.

Logging in with your USERNAME allows you to participate in discussions, see what has recently been posted, and other options. Guests can post but they do have limited abilities.

We are NOT a guru forum. We are a dinarian forum. The opinions expressed on the forum do not reflect the of opinion of Dinar Daily specifically, but rather reflect the views of the individual posters only.

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."


Get Daily Updates of the NEWS & GURUS in your EMAIL
CHECK YOUR EMAIL for VERIFICATION

Enter your email address:

JUST IN: RBZ to mop out bond notes from banks DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Buy and Sell

JUST IN: RBZ to mop out bond notes from banks

Post new topic   Reply to topic

Go down

JUST IN: RBZ to mop out bond notes from banks Empty JUST IN: RBZ to mop out bond notes from banks

Post by RamblerNash on Tue Jun 25, 2019 10:52 pm

JUST IN: RBZ to mop out bond notes from banks

By
 Fani Mapfumo

June 24, 2019

 

JUST IN: RBZ to mop out bond notes from banks RBZ
The Reserve Bank of Zimbabwe will start wiping all the bond notes in circulation forthwithand they expect to mop out close to ZWL$ 1.2 Billion that is currently in circulation.

The Reserve Bank of Zimbabwe will start wiping all the bond notes in circulation forthwith and they expect to mop out close to ZWL$ 1.2 Billion that is currently in circulation.

The move comes at a time the government on Monday announced the abolishment of the multi-currency system and re-introduction of the Zimbabwe dollar as the sole legal tender.

The RBZ has also increased the current interest rate from 15% to 50 % in line with the inflation rate thus implying that those who had loans extended to them  will now re-pay basing on the interbank rate.

Hereunder is RBZ’s pronouncements:


a)      “Direct banks to transfer to the reserve bank the RTGS$ ZWL$ that they are holding as counterpart funds for the foreign currency historical or legacy debt that Government through the reserve bank is assuming at the rate of 1.1 between the RTGS$ and the US$. This measure is expected to mop around ZW$1.2 billion from the market by the end of this week.


b)      Adjust the interest rate on the Reserve Bank overnight window upwards from the current 15% per annum to 50% per annum in line with inflation trends.


c)      Remove administration limits on the operation of bureaux de change and on the cap on margins for banks for interbank foreign exchange transactions.


d)      Put a vesting period of 90 days on disposal of dual listed securities or shares purchased by investors on the Zimbabwe Stock Exchange.

e)      Increase supply of foreign currency into interbank foreign market by ensuring at least 50% of the surrender portion of foreign currency is sold to the interbank market. This will be supplemented by the use of Letters of Credit (LCs) for the importation of essential commodities that include fuel, cooking oil and wheat. The bank has put in place LCs amounting to US$ 330 million for these purposes.


https://zimmorningpost.com/just-in-rbz-to-mop-out-bond-notes-from-banks/
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 16886
Join date : 2015-02-19

Back to top Go down

Back to top


 
Permissions in this forum:
You can reply to topics in this forum