Zimbabwe

Bond notes won't be printed in SA, Germany – Zim central bank chief

2016-10-29 11:00
John Mangudya (File: AFP)

John Mangudya (File: AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Special Report

Mugabe's nephew: Most people will be 'wiped out' if VP Mnangagwa becomes president
Mugabe's nephew: Most people will be 'wiped out' if VP Mnangagwa becomes president

Zimbabwean President Robert Mugabe's nephew Patrick Zhuwao has accused Vice President Emmerson Mangangwa of intimidating the ruling party's members in his campaign to succeed the nonagenarian leader.

Cape Town – Zimbabwean central bank chief, John Mangudya, has reportedly said that some Zimbabweans opposed to the introduction of bond notes are "politicking by lobbying countries such as Germany to desist from printing the surrogate currency".

Reports last week indicated that a Germany company, Giesecke and Dverient, had rejected a request by Zimbabwe to print bond notes for the country's cash-strapped treasury. 

It was reported at the time that the southern African country had since turned to South Africa and other countries for help. 

But according to a Zimbabwe Independent report on Friday, Mangudya said the bond notes will not be printed in Germany, South Africa or Zimbabwe.

"What I can tell you is that they (bond notes) are not being done in Germany or South Africa. They are definitely being done outside the country," Mangudya was quoted as saying. 

Follow News24 Africa on Facebook and Twitter.

His remarks came as controversy over the bond notes continued. 

Mangudya recently announced that the bond notes were expected to be in circulation by the end of October.

He said that by the end of December, at least $75m worth of bond notes would be in circulation. 

However, according to News Day, Finance Minister Patrick Chinamasa maintained that the bond notes were unlikely to hit the market anytime soon, as government was yet to finalise modalities for the introduction of the currency.

Zimbabwe adopted the US dollar and the South African rand in 2009 after inflation, which peaked at 231 million%. But the country has since run out of the US dollar notes in recent months, and hopes to ease the cash crunch by printing its own "bond notes" which will be valued in denominations of $2, $5, $10 and $20.


Read more on:    john mangudya  |  patrick chinamasa  |  zimbabwe  |  sa  |  germany  |  southern africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
X

SHARE:

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.