Fears grow pending bond notes, RTGS crash

Posted by Ben Hadley on 2018-10-11 06:56:00 | Views: 6 |

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Fears grow pending bond notes, RTGS crash

Uncertainty hangs over the future of bond notes and real-time gross settlement (RTGS) transfers, as more businesses are rejecting the two payment methods and the economy is effectively re-dollarizing. This comes against the background of conflicting signals by senior government officials particularly Finance minister Mthuli Ncube, that have fuelled Zimbabwe's sky-high parallel market rates, price increases, commodity shortages and temporary company closures.

Meanwhile, Zimbabwe's runaway cash black market is anticipated to remain firm in the wake of a deepening foreign exchange scarcity that saw the United State dollar premium surging to 400 percent as at midday yesterday.

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