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
Zimbabwe stems illicit outflows
Cash shortages – the real causes and the wrong diagnosis
New bond notes-key questions answered
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
(478 VIEWS)
This post was last modified on May 20, 2016 1:32 pm
Zimbabwe has been ranked third among the least free countries in Southern Africa but it…
I had always considered it a curse for a wife to die before her husband.…
This is a true story about the challenges and loneliness I faced when my wife…
My first long-form article in booklet form: Why I had a girlfriend two months after…
The editor and publisher of The Insider, Charles Rukuni, has started a whatsapp channel through…
A friend who knows about my legal battle with Zimbabwe’s richest man, Strive Masiyiwa, way…
