THE treasury has extended the maturity dates of non-negotiable certificates of deposit (NNCDs) from 24 months to 36 months.
NNCDs are acknowledgements that the issuer has received a sum of money with a promise to repay it, but they differ from deposit accounts or negotiable instruments in that they cannot be cashed before maturity.
Earlier this year, during the currency changeover from the ZWL to the ZiG, the central bank issued two-year NNCDs valued at more than US$80 million, equivalent to the amount owed by the treasury and the central bank from its previous foreign currency auction trading system.