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*Mangudya Does Not Regret Introducing The Bond Note* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?ot Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that he does not regret introducing the surrogate currency, the bond note. The introduction of the bond note was announced on 4 May 2016 by Mangudya. The total value of the notes is said to be backed by a $200 million Africa Export-Import Bank (AFREXIM) facility. ---------- itel A70 256GB $99USD Buy on WhatsApp: https://wa.me/263717684274?text=22240 Calls: 0772464000 ---------- Asked by senior Standard reporter Xolisani Ncube if he regretted the introduction of the bond note, Mangudya said: > No, not at all. The introduction of bond notes did not worsen foreign currency shortages. That’s a myth and fiction. > Bond notes were introduced to monetise the export incentive scheme, which greatly assisted the growth in exports over the past three years by an average of 25% per year. > Cushioning exporters by between 5% and 20% is meant to make exporters competitive and to increase foreign currency generation. > That policy cannot, therefore, cause shortages of foreign currency. In fact, the opposite is true. > The country needs to increase production and productivity across all the sectors of the economy in order to increase and conserve foreign currency. *Read Also:* *Zim Not Ready For Its Own Currency – RBZ Chief, Mangudya* *More: The Standard* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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