Harare,(New Ziana) – The Reserve Bank of Zimbabwe (RBZ) on Monday floated 272-day treasury bills seeking to raising $300 million to be used to finance government operations.
The latest tender becomes the ninth since August this year when issuance of the instrument resumed.
It follows an unsuccessful one last week in which the central bank sought to raise a similar amount through 182-day TBs but only managed to get $35 million.
The central bank has raised more than $620 million using the instrument since August.
The latest 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 (POSB).
Investors have a four hour window to make their subscriptions when the
offer opens on Tuesday.
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 as well as acceptability as overnight accommodation by the central bank.
Authorities have turned to treasury bills for budgetary revenue as the country is still shut out from external financial support sources.