Central Bank issues RBZ 7% Savings Bond, individuals, insurers invited
Insurance24 reporter
HARARE, Zimbabwe’s Central Bank has issued a 7% RBZ Savings Bond which it earlier announced in the Mid-Term Monetary Policy Statement Review.
“The Reserve Bank of Zimbabwe hereby invites investors, individuals, companies, pension funds and provident funds, insurance companies, life mutuals, financial institutions and other interested institutions in Zimbabwe, to subscribe for the RBZ 7% Savings Bond.” Applications are for a minimum $100 for both corporate bodies and individuals.
The Savings Bond seek to encourage individuals, families, households, small and medium enterprises, schools, universities, public and private institutions, corporates, churches and investors in general, to start saving and to nurture a culture of saving and building national wealth.
With no commission, agency or service fees, the bond has a tenure of 1,2, 3 and 5 years. The RBZ said the Issue provides investors with a platform to save and invest in high yielding instruments.
Other Salient features of the Bond include Tax free on interest, acceptability as collateral, Liquid asset status, Bearer instrument, discount window at the RBZ 30 days after issuance for individuals and 180 days for other investors.
