Articles tagged 'treasury bills'

'TBs records in shambles' 8 November 2018 HARARE - Government's issuance register for Treasury Bills (TBs) and bonds is in shambles, which makes it difficult to detect missing or unrecorded commercial paper. This observation was made by the Auditor-General (AG) Mildred Chiri in her 2017 audited report tabled in the National Assembly l...
ED says Mangudya beyond reproach 4 November 2018 HARARE - Despite explosive broadsides being fired at the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, the 55-year-old neoclassical economist-turned banker will stay on in his job until February 2023. In an exclusive interview with the Daily News on Sunday, presidential spokesperson G...
'High domestic debt stifles economic growth' 3 November 2018 HARARE - The financing of a budget deficit predominantly through domestic debt, such as has been the case in Zimbabwe, leads to low economic growth rates, as well as subdued investment and entrepreneurial activities, Oswald Mungule, a policy analyst, has said. Treasury says the country's domes...
Don't lend govt, banks warned 13 April 2018 HARARE - Zimbabwean banks need to stop lending to government as their exposure to Treasury Bills (TBs) could work against the sector in the future, a local think tank has warned. In its 2018 Economic Review and Outlook, Econometer Global Capital (Econometer), warned that government expenditure...
'TBs creating fictitious money' 21 October 2017 HARARE - The Zimbabwean government has been warned against excessive use of Treasury Bills (TBs), which could collapse the local banking system as the government-backed paper is not backed by any physical assets. A TB is a short-term debt obligation backed by a government with a given maturity...
Treasury Bills stocks up 28pc 4 August 2017 HARARE - The stock of Treasury Bills (TBs) and bonds in issue increased 28,2 percent to $2,5 billion at the end of June from about $1,95 billion recorded in April, the central bank governor has said. Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday said the bulk of the instru...
Agribank makes $1,8m profit 13 June 2017 HARARE - Agriculture-focused financial institution, Agribank, recorded a $1,8 million profit in the five months to May 2017 from $460 203 prior comparable period, buoyed by income from Treasury Bills (TBs), an official said. Agribank chief executive Sam Malaba yesterday told the institution's ...
Govt in desperate move to raise bonuses 11 April 2017 HARARE - Hard-pressed President Robert Mugabe's government is issuing Treasury Bills (TBs) in a desperate move to raise money to pay restive civil servants' 2016 bonuses, Finance minister Patrick Chinamasa told the National Assembly last week. This comes as government buckled under pressure fr...
TBs set to worsen Zim's situation 11 April 2017 HARARE - Revelations that government is issuing Treasury Bills to raise money to pay bonuses for the 300 000-plus civil service confirms what we have been saying all along. Government's decision to pay the unbudgeted 2016 bonus after pressure from employee unions is likely to worsen the situat...
Drug crisis to worsen 19 January 2017 HARARE - The shortage of basic drugs in most health institutions is set to worsen as it emerged that government is failing to honour Treasury Bills (TBs) worth $3,5 million that had been issued to raise funds to import medicines. The failure to honour the TBs — issued by the Reserve Bank of Zi...
Treasury to reduce TB issuance 12 December 2016 HARARE - Finance minister Patrick Chinamasa says government will next year undertake a restructuring exercise aimed at curbing the issuance of Treasury Bills (TBs) and prevent the sovereign paper from becoming a “surrogate currency.” A TB is a short-term debt obligation backed by a government ...
Govt pays Zimplats debt 2 December 2016 HARARE - Australia Stock Exchange-listed platinum miner, Zimplats, yesterday said it has finally been paid the $34 million debt it was owed by the central bank. The money was taken from Zimplats' bank account years back by the Reserve Bank of Zimbabwe (RBZ) and used for quasi-fiscal activities...
'RBZ still printing money' 13 April 2016 HARARE - Former Finance minister Tendai Biti says government is illegally printing money in the form of Treasury Bills (TBs) to honour its debts. A TB is a short-term debt obligation backed by a government with a given maturity, in most countries the promissory notes are issued with a maturity...
Zim redeems TBs worth $200m 5 August 2015 HARARE - Zimbabwe has so far paid out approximately $200 million towards maturing Treasury Bills (TBs), Finance minister Patrick Chinamasa said. TBs are short-term most marketable money market securities that mature in one year or less from their issue date. Presenting his Mid-term Fiscal P...
RBZ reviews Meikles TBs 18 October 2014 HARARE - The Reserve Bank of Zimbabwe (RBZ) has reviewed terms and conditions of the $49,6 million Treasury Bills (TBs) issued to Meikles Limited (Meikles) to make them attractive on the market. The TBs had been issued to settle a $90,8 million debt owed to Meikles since 1998. John Moxon, M...
Govt issues $40m bills to NSSA, OM 13 March 2013 HARARE - Government has issued 365-day Treasury Bills to the National Social Security Authority and Old Mutual (OM) to raise $40 million. Tendai Biti, Finance minister, said the move was consistent with the prescribed asset requirements for pension funds and insurance companies. The bond will be ...
Treasury Bills downside 6 November 2012 HARARE - The African Development Bank (AfDB) says the country risks engaging in excessive borrowing and the possibility of rollovers in the event that it fails to redeem its Treasury Bills (TBs). The TB market, which last operated in 2008 was reintroduced last month in a bid to raise funds to ena...