Mixed Feelings Over Introduction Of Zim Bond Notes

    By Mlondolozi Ndlovu,

    HARARE, May 2016 Zimbabweans from across the political divide have exhibited mixed feelings over the Reserve bank of Zimbabwe’s decision to introduce bond notes in a bid to ease cash shortages.

    Zimbabwe is currently experiencing cash shortages which have seen long bank queues and the withdrawal limits in most of the country’s banks.

    Reserve Bank of Zimbabwe governor, John Mangudya on Wednesday said RBZ will soon introduce local “bond notes” and has tightened daily withdrawals to ease an acute shortage of cash.

    Zimbabweans citizens who spoke to Radio VOP were sceptical about the move highlighted that that the introduction of bond notes was bringing chilling memories of the Zimbabwean dollar.

    Godfrey Mlezu who is a vendor in Harare CBD noted that the introduction of the bonds was as good as the introduction of the now defunct Zimbabwean dollar.

    “Bond coin notes kuita sei kwacho, just call it Zim dollars. We have walked that road before and our leaders don’t seem to learn. I wonder what makes them think it will work this time around when it has previously failed,” he said.

    Another Zimbabwean who is a taxi driver Tinashe Mavhinga noted that in solving the cash crisis the government should have resorted to the use of plastic money.

    “I think let’s move to plastic money this is now a technological era… Every business from small to big there should because of cards and in banks let them manage figures not notes and notes are kept at reserve bank to maintain economic value,” he said

    Makosa Savieri who is a university graduate noted that the country needed to start producing goods to address this problem.

    “Currently there is no production in Zimbabwe, in terms of goods etc, 90 % of people in Zimbabwe currently dependent on imports. My worry is how are people going to manage. The government should tell us the much needed goods in Zimbabwe and we buy using the bond notes they are to give us,” he said

    Watmore Daniel who is a teacher by profession said the introduction of the currency reminded him of the 2008 crisis.

    “It’s not going to be like 2008 but better? Because this introduction will lower the US on the market and then rands will be on demand since we are importing from South Africa,” said Daniel who is involved in chicken production.

    Sizani Manala who is based in Bulawayo and is into buying and selling of cars highlighted that he was fearing for his business.

    “For sure we are headed for the 2008 era because who will accept these bond notes for their goods imported by hard earned cash. I foresee disappearance of products on the shelves as no one is willing to take bond notes,” he said.

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