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)

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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. 

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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

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