Zimbabwe hires German firm to print bond notes


john mangudya and bond coins

Zimbabwe has contracted a private company in Germany to print bond notes that have sparked public outrage since their introduction was announced earlier this month, a central bank official said today.

In a presentation to the Chamber of Mines of Zimbabwe annual general meeting which opened here yesterday, Reserve Bank of Zimbabwe Exchange control director, Morris Mpofu, assured miners that government, which has been accused of seeking to bring back the local unity covertly through bond notes, would not force central bank to print more cash than necessary.

The RBZ has said it has accessed a $200 million loan from Afreximbank bank to back the printing of bond notes meant to give incentives to exporters.

It had until now not revealed who would be printing the notes.

“The printing of bond notes is being done by the Germans” Morris Mpofu said.

“The same Germans who printed the South African Rands which were recently impounded at Harare International Airport and later released are the ones who are printing the notes. The Germans are being asked to print $200 million worth of the notes. The money is backed by a loan facility from Afreximbank,” added Mpofu, who spoke on behalf of central bank chief, John Mangudya.

In 2008, German company Giesecke & Devrient, after an official request from its government, stopped providing paper for Zimbabwe dollar banknotes. The company said at the time that its decision came after a “political and moral assessment” of its contract with Zimbabwe.-The Source


Related stories:

Zimbabwe’s bumpy, costly road to a cashless future

The government’s hidden hand in Zimbabwe’s cash crisis 

Chinotimba says give people bond coins if they do not like bond notes

Chinamasa tells Parliament that bond notes are above board

Zimbabwe says it needs bond notes because “we are feeding looters”

Zimbabwe scraps plans to convert export earnings into rand, euro

Tsvangirai calls emergency national executive meeting Thursday to decide way forward on bond notes

It’s a stimulus package- Mangudya says

Tsvangirai to convene his cabinet tomorrow to discuss proposed bond notes

Bond notes -a legal perspective

How people pay in Zimbabwe

Zimbabwe stems illicit outflows

Cash shortages – the real causes and the wrong diagnosis

New bond notes-key questions answered

Industry embraces bond notes

Mangudya full statement on the introduction of bond notes

Highlights of RBZ intervention on cash shortages

MDC says Mugabe is bringing back Zimbabwe dollar through the back door

Zimbabwe to introduce bond notes as cash shortages bite


Don't be shellfish... Please SHAREShare on google
Share on twitter
Share on facebook
Share on linkedin
Share on email
Share on print

Like it? Share with your friends!

Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


Your email address will not be published. Required fields are marked *