‘TBs auction a success’

Finance and Economic  Development Minister, Professor Mthuli Ncube said yesterday the  Treasury Bills auction system re-introduced mid-this year to mobilise funding for Government operations has been a “huge success under very  difficult economic environment.”

President Mnangagwa’s government, through the Reserve Bank of Zimbabwe, has floated bills worth about $1.8 billion since August this year and has raised almost $1 billion.

Use of TBs among other windows to finance government programs had been stopped after the previous Government abused the system to rake in billions in debt, which it struggled to repay. Nine treasury bill auction have been conducted since the re-introduction of the public auction system, with financial institutions among other institutional investors taking part. — New Ziana.