RBZ tenders for more TBs as it seeks to raise $150m for Govt

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HARARE – The Reserve Bank of Zimbabwe has put out a tender for the issuance of $150 million Treasury Bills as it continues to raise funding to finance government programmes while also seeking to establish a discernible yield curve against which fixed income instruments in the economy can be priced off.

In a notice published this morning, the RBZ is seeking to issue out 365-day TBs amounting to $150 million.

The offer opens today and closes tomorrow and comes on the back of the issuance of similar-type paper which sought to raise $300 million but only $81 million was taken up at an average rate of 15.07%.

Going forward, TBs will become a less preferable investment destination in light of inflationary pressures and in the absence of a clear plan on how the central bank and the Ministry of Finance are going to defend the local currency in the face of depreciation.

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