Zimbabwe’s central bank on Friday reported success from its first Treasury Bill auction in seven years.
The auction aimed at raising $3.25 million, was oversubscribed more than four times as the government started open market borrowing to enhance transparency on its domestic debt.
Finance Minister, Mthuli Ncube on Thursday told parliament that the government’s domestic debt was now Z$8.8 billion, down from last year’s 9.5 billion.
Ncube says the economy is expected to contract this year due to drought, shortage of foreign currency and severe power cuts.
He has announced a three-fold hike in electricity tariffs, that could fuel an already crippling inflation.