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ZIMBABWE BANKS RUN OUT OF BOND NOTES

Deputy governor of the Reserve Bank of Zimbabwe, Khuphukile Mlambo, says most banks are demanding more supplies of bond notes after running out of the currency introduced on Monday by the central bank amid public resistance.

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Speaking at a meeting residents of Zimbabwe’s second largest city, Bulawayo, Mlambo said it is unlikely that the RBZ would introduce more bond notes to boost money supply.

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He said the central bank released bond notes with a combined value of $12 million into the money market on Monday and indications are that the money is now in the hands of bank clients.

He noted that some illegal money changers are grabbing the money from local people and re-banking it to realize their profits.

 Source : Internet

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