Bond Notes To Be Phased Out

Deputy Finance Minister Terence Mukupe told The Sunday Mail last week that bond notes cannot be maintained and will be phased out to make wa...

Deputy Finance Minister Terence Mukupe told The Sunday Mail last week that bond notes cannot be maintained and will be phased out to make way for a local currency once “fundamentals are in place”.

Said Mukupe:

The official position is that we have bond notes in place, but that situation is not tenable. But we cannot have our own currency at the moment because fundamentals are not in place. We need to have sufficient resources and increase exports for us to introduce our own currency. As long as we have Zidera (the Zimbabwe Democracy and Economic Recovery Act), we can’t do that. There is recognition that to achieve the growth we want, we need to have our own currency. Bond notes are in place and they are still serving their purpose. But we can’t be printing bond notes that are not backed by a facility. We need a facility such as the one we have with Afreximbank.

More: Sunday Mail

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