BUSINESS

LATEST: RBZ targets $300 Million for Financing Govt Operations

The Reserve Bank of Zimbabwe (RBZ) yesterday floated 182-day Treasury Bills, aiming to raise $300 million for financing Government operations.This becomes the eighth public tender of TBs since auctions were resumed in August with more than $600 million being raised using the instrument since then. Without budgetary support from external partners, the Government has been forced to look inward for funding to support its programmes.

The latest tender follows one last week that received a lukewarm response from the market, with the central bank managing to raise $105 million of the $200 million it had targeted through the 272-day TBs. Bids will open only for three hours today, with allotment set for the same day. The tender is open only to financial institutions that include commercial banks, building societies, the Infrastructure Development Bank of Zimbabwe and the Post Office Savings Bank.

The TBs come with an open tender on a yield basis interest rate and other special features which include prescribed asset status, liquid asset status, tax exemption and acceptability as overnight accommodation by the central bank.

Source — New Ziana.

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