The post RBZ To Introduce $100 Bond Note appeared first on Provoker Magazine.
]]>The Reserve Bank Of Zimbabwe (RBZ) is set to release a 100 dollar bond note. A document is in circulation about the features that it will have. This development comes after RBZ announced new regulations by the Monetary Policy Committee to curb inflation.
The features include a watermark of the Zimbabwean bird and it will be brown in colour.
The release of the new note is a reflection of just how bad the inflation in Zimbabwe is. The note will not be able to buy you USD1. Some people have expressed in their comments on social media that they fear this path will end in bigger notes being printed with time and landing back in the terrible situation we were in back in 2008.
History is repeating itself. Yesterday RBZ effectively introduced the Bank forex rate, and now higher currency denomination. With the parallel rate projected at RTGS500 to US$1 and annual inflation at over 100 by year end, even higher denominations are bound to be introduced.
— John Gadzikwa (@jgadzikwa) April 6, 2022
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]]>The post RBZ Liberates The Forex Market; Now Banks Can Buy USD From Individuals And Corporates appeared first on Provoker Magazine.
]]>“Resolutions of the Monetary Policy Committee (MPC) Meeting held on 1st April 2022”
In the statement, RBZ expressed being concerned about annual inflation that has risen from 66.11% to 72.70%. The Monetary Policy Committee (MPC) also noted that global inflation is on the increase because of the Russia-Ukraine war.
Due to the inflation caused by unstable prices of oil, gas, fertilizers and other related products (according to the MPC), the statement also outlines new measures taken by the RBZ focused on inflation reduction.
The most interesting measure is the fifth one which states that the RBZ is liberalising the foreign exchange market by allowing transactions up to US$1 000 under an arrangement agreed upon between banks and the Bank. Individuals with free funds an entities/corporates holding foreign exchange in their foreign currency accounts will be free to sell foreign currency to banks on a willing-buyer-willing-seller basis.
This measure depending on the rate offered by the banks will lessen the power held by the black market over the US dollar. Read the full statement issued on RBZ’s Twitter page below
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