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The Reserve Bank of Zimbabwe says it raised $105 million of the targeted $200 million from its latest Treasury Bills (TBs) auction.

The auction saw the issuance of 272-day TBs, which were open to commercial banks, building societies as well as the  Infrastructure Development Bank of Zimbabwe and the Post Office Savings  Bank. The highest interest rate offered was 15 percent, lowest 14,5 percent  while the average was 14,509 percent.

The TBs had an open tender on yield basis interest rate and other special features such as prescribed asset status, liquid asset status, tax exemption as well as acceptability as overnight accommodation by the central bank. Only last week, the RBZ raised $300 million after issuing a 182-day TBs. The monies raised through the TBs auctions is to “fund Government programmes.”