THE Reserve Bank of Zimbabwe on Monday summoned treasurers, managers of commercial banks, merchant banks and discount houses to express its dissatisfaction with their low participation in treasur
y bills (TBs).
Monday’s meeting was chaired by Azvinanda Saburi, the division chief for financial markets.
The central bank has been floating three 91-day TBs looking for at least $300 billion, but the market was only offering around $20-50 billion.
Treasury managers told Saburi the role of primary dealers in marketing and distributing government securities was no longer the same since the RBZ entered the scene as a competitor.
They claimed the RBZ was bypassing financial institutions and selling treasury bills directly to corporate and other institutional investors. – Staff Writer.
