Banks run out of bond notes due to high demand: RBZ

Speaking during a cash crisis and bond notes public meeting held in Bulawayo on Friday, Reserve Bank of Zimbabwe, deputy governor Kupukile Mlambo revealed that most banks have used up the bond notes that they received from central bank due to high demand for the surrogate currency.

Mlambo also said that they will be meeting with banks to discuss how they are going to address the situation. He said:

The banks have run out of bonds notes in their vaults. We will be having a meeting with the banks and see how we can address the situation. We do not have too much bonds in circulation because we want the notes to be a viable facility for the public.

RBZ released the bond notes on Monday and hoped that they would ease the cash shortages and lessen the bank queues but this was not so as they coincided with salary for both civil and private sector workers as well as pensioners.

More: NewZimbabwe.com