Zimbabwe T-Bill auction oversubscribed

ZIMBABWE’S central bank said on Friday its first Treasury Bill auction in seven years, 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 told Parliament on Thursday that the government’s domestic debt was now 8,8 billion Zimbabwe dollars, down from 9,5 billion last year.

The economy is expected to contract this year due to a drought, foreign currency shortages and severe power cuts, Ncube said, as he announced a threefold hike in electricity tariffs that will fuel already crippling inflation.

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