Zimbabwe will release the much talked about bond notes on Monday but will limit withdrawals of the new currency to $50 a day with a maximum of $150 a week thus allaying fears that the notes will flood the market.
Some banks are currently allowing clients to withdraw US$50 a day with a maximum of US$250 a week.
In a statement today, the Reserve Bank of Zimbabwe, said it will release $10 million worth of $2 bond notes and $2 million in $1 bond coins.
The notes are backed by a $200 million facility while the coins -introduced in 2014 in 1, 5, 10 and 25 cents, are backed by a $50 million facility.
The central bank said the bond notes will be deposited in the existing US dollar bank accounts.
“In line with the Bank’s thrust to promote a less cash society through the use of plastic money, withdrawal limits of bond notes have been set at a maximum of $50 per day and a maximum of $150 per week,” the central bank said.
“This measure is in tandem with the objective of the Bank to release bond notes into the market on a measured basis which is critical to mitigate against abuse of bond notes.”
On Thursday, Finance Minister Patrick Chinamasa backtracked on fast-tracking the bond notes bill saying it would go through the normal process, including consulting the public.
The consultations were expected to start on Tuesday.
Full RBZ statement:
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