‘$300m new bond facility only after first batch exhausted’

THE Reserve Bank of Zimbabwe (RBZ) says the $300 million standby export finance facility will be made available once the bank has exhausted the initial $200 million to ensure that exporters continue to benefit from the export incentive scheme.

BY TARISAI MANDIZHA

RBZ governor John Mangudya
RBZ governor John Mangudya

In an interview with NewsDay, RBZ governor, John Mangudya said the $300 million facility was in place to ensure the smooth continuation of exports of goods and services as soon as the $200 million provision is exhausted.

“The $300 million standby export finance facility will kick-in once the $200 million facility is exhausted to ensure that exporters continue to benefit from the export incentive scheme.

“We want to have seamless and flawless support for the exporters of goods and services. We believe in the export generation strategy for the well-being of the Zimbabwean economy,” he said.

Mangudya said the bank has also negotiated for $600 million from the African Export-Import Bank (Afreximbank) for the stabilisation of nostro accounts.

“People need to believe in themselves and this country needs to believe in itself. Let’s believe in ourselves, exercise self-discipline and the country will be okay,” he said.

Last year, RBZ unveiled a $200 million facility guaranteed by the Afreximbank in which exporters would get a 5% incentive in bond notes. To date, $175 million in bond notes have been issued.

In a mid-term monetary policy statement review, Mangudya said the bank would release $300 million worth of bond notes into the market under a new facility secured through the Afreximbank.

This will bring the total bond notes in circulation to $500 million.

Mangudya said there were $25 million worth of bond coins, $175 million in bond notes and approximately $800 million in various currencies under the multicurrency regime in circulation, to give a total of around $1 billion.

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11 Comments

  1. that’s the return of the zimdollar thanks to ZANU pf’s failed policies.

    1. Jongwe Rachembera

      Why would you choose a pseudonym that perpetrates acts of terror, carries out beheadings of Christians, kidnaps and rapes young women and burns people alive?

    2. AGREED ; BONDS ARE A RETURN OF Z$

  2. Shame on you this will not work shame on Zanu pf failed polices???????

  3. This Mangundya guy is benefiting from this bond note facility as the banks in question may be giving him kick backs and also they are running the USD and Rand exchange markets through their relatives at Roadport and other lucrative forex markets where Zimbos are outside the country.

  4. There has been a lot of talk about this economy improving, then why should we need 300m? Lets have the statistics here of what is being exported from our country. Pure accounts say when you get a loan for doing business and you make a profit after paying back that loan, your next loan should be less than the original as you will ploughing back some of your profits. How can I ask for more than the previous loan? SURELY the financier will not risk to that tune, one needs to survive his business within its limits

  5. Has reserve bank banned use of ATMs, some of us our work does not allow us to spend the day in banking hall queues.Can RBZ force banks to use ATMS please

  6. Mangudya has to play this game very very carefully.

    1. ABIDE BY CONSTITUTION BAAAS

  7. Mangudya talks absolute rubbish. He is one of the chief externalizers of forex in this country.

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