Zimbabwe: RBZ Bill Creates Massive Debt for All

analysis

Reserve Bank of Zimbabwe (Debt Assumption) Bill last week sailed through the National Assembly, taking the bill a step closer to becoming law.

The bill provides for settlement by the state of "certain liabilities" incurred by the RBZ prior to December 2011. A total of $1,3 billion validated debts stand to be assumed by the government as an exit strategy to reverse the RBZ's burden on its "extraordinary" quasi-fiscal operations of the early 2000s. These debts may be liquidated through issuance of treasury bills or any other government issued paper.

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