RBZ to Rate Bond Notes At 1:3
The Reserve Bank governor, Dr John Mangudya will today (Wednesday) announce his Monetary Policy Statement and one of the major focal point will be the acceptancy that bond notes are not equal to the United States Dollar. He will today introduce a new exchange rate of the United States Dollar and Bond note, Techunzipped can exclusively review.
Sources close to the development can said that the fuel price hike was pegged at a 1:3 rate so it’s mostly going to be the official rate.
“is a public secret that the 1:1 exchange rate is not viable, do you remember when the President announced the prices of fuel it was a well calculated move and it is paying dividends,” said the source.
Zimbabwe has battling with cash shortages and currency related challenges; including suddenly high rates of inflation, which are often driven by wild swings in foreign currency exchange rates on parallel markets due to the shortage of hard currency.
When Finance minister Mthuli Ncube presented his National budget in December 2018, he insisted that the bond note was equivalent to US dollars but created separate accounts with some only meant for bond notes and RTGS while others were Foreign Currency Accounts (FCA).