HomeBusiness DigestRBZ summons bank treasurers

RBZ summons bank treasurers

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.

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