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Harare to release more bond notes

Publish date: 11 September 2017
Issue Number: 742
Diary: IBA Legalbrief Africa
Category: Zimbabwe

As Zimbabwe's cash crisis worsens, the central bank will release $300m worth of new bond notes over the next couple of weeks. The authorities are now threatening to arrest business people who hoard bank notes for resale to desperate Zimbabweans who can’t get them out of their bank accounts. The Daily News quoted central bank chief John Mangudya as saying these notes, like the first $200m released in November, are backed by a loan from the African Export-Import Bank. Retailers say that they have to purchase scarce foreign currency on the black market to pay suppliers outside Zimbabwe’s borders.

Full Daily News report