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Zimbabwean exporters to get dollar-denominated 'bond notes': minister
ZIMBABWEAN exporters will be paid in "bond notes" with a face value of US dollars, credited to accounts of exporting companies, along with a five per cent bonus, says Finance Minister Patrick Chinamasa.
Converting exporters' earnings into central bank-issued "bond notes" will allow the government to build its dollar reserves, said Exotix Partners analyst Kato Mukuru.
"This approach will allow the government to raise a significant pool of cash while exporters continue to export," he said.
Said Mr Chinamasa: "No exports - no issuance of bond notes."
The notes, to be produced in Germany, will be printed "relative to the volume of imports," he said, reported Bloomberg News.
Zimbabwe implemented a multi-currency system in 2009 after its economy collapsed. As well as the dollar, the country allows the use of currencies including the South African rand, the yuan, the pound and the euro.
Converting exporters' earnings into central bank-issued "bond notes" will allow the government to build its dollar reserves, said Exotix Partners analyst Kato Mukuru.
"This approach will allow the government to raise a significant pool of cash while exporters continue to export," he said.
Said Mr Chinamasa: "No exports - no issuance of bond notes."
The notes, to be produced in Germany, will be printed "relative to the volume of imports," he said, reported Bloomberg News.
Zimbabwe implemented a multi-currency system in 2009 after its economy collapsed. As well as the dollar, the country allows the use of currencies including the South African rand, the yuan, the pound and the euro.
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