The Reserve Bank of Zimbabwe (RBZ) is back in the market with a fresh batch of Treasury Bills (TBs) - this time with a shorter tenure compared to the last issuance - to raise $300 million Treasury requires to finance key Government programmes. Market intelligence indicated yesterday that part of the financial resources raised will go towards funding the 2019 National Budget needs. The latest fundraising comes as the central bank is liquidating an almost equivalent value of TBs that have matured.
The RBZ has reduced the tenure for the current TBs by half to 180 after the previous attempt to raise $150 million found few takers (34 percent was allotted) amid revelations that the market has no appetite for long-dated paper due to the prevailing inflationary environment.
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