Mangudya appeals to MPs to assist in disseminating information about bond coins

RESERVE Bank governor John Mangudya has appealed to MPs to assist the central bank disseminate information about bond coins which are being rejected by many Zimbabweans.

BY VENERANDA LANGA

Mangudya appeared before the Parliamentary Portfolio Committee on Budget, Finance and Economic Development chaired by Mutoko South MP David Chapfika on Monday.

He revealed that acceptance of small denominations (bond coins) by the Zimbabwean public was pivotal in spearheading economic revival, survival of many businesses as well as reduction of prices.

Since the introduction of bond coins many Zimbabweans, even commuter omnibus operators, have been reluctant to accept them, causing people to continue to round up prices of products resulting in items becoming expensive.

“There is no country in the world without coins (small denominations) because there are there to address competitiveness of the economy as businesses are rounding up prices and selling goods unnecessarily for a dollar for two because of lack of change,” Mangudya said.

“I will not stop talking of the issue of decreasing prices, and I will be consistent and add that there is a drought and deficiency of knowledge for people to understand this economy – and we shall continue to talk until people understand the importance of coins in this economy.”

The RBZ governor said coins were helping run economies even in developed countries like America and so Zimbabweans could not continue to turn their backs on them.

“One of the major challenges in this country is that we are in a war of perceptions causing lack of confidence which makes people to live in despondency and despair,” he said.

Finance minister Patrick Chinamasa told the committee that bond coins were bankable and had the equivalence of the United States dollar and people should not be scared to take them.

Meanwhile, the RBZ was quizzed on whether the people who benefited from the farm implement scheme and got tractors, generators and other equipment had since got letters informing them of how much they were supposed to pay for them.

MDC Proportional Representation MP Priscilla Misihairabwi-Mushonga said: “Most of the equipment was offered to politicians and MPs, and it was not clear if these people were supposed to pay. Has there been an attempt to write to those people informing them of how much they owed the RBZ?”

MDC-T chief whip Thokozani Khupe also revealed before the committee that she was offered the equipment but refused to take it.

Mangudya promised that the issue would be looked at.

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13 Comments

  1. I don’t want bond coins. My friends don’t want bond coins. Nobody wants bond coins. Give me sweets or biscuits for my change. Bond coins are fake, like The Fake Lady.

  2. Muvengwa Razaro

    Mbare musika vendors dont want bond coins. Lord Cremora Matibili doesnt want bond coins. VP Perekedzwa ne Benzi doesnt want bond coins. James Bond doesnt want bond coins. Even Kombi drivers don’t want bond coins. Let’s all refuse bond coins.

  3. school of thought

    The problem with the governer is in trying to solve a non existant problem why? The South African rand is awash with denominations below the 50c coin there is the 20c ,10c and 5c which at one point of time were introduced to the Zimbabwean economy bt were taken out of the system becoz the public was not keen in absorbing them so what problem is he talking about. The people are comfortable with sweets for change becoz they dnt want any denomination below 50c

  4. the reason why bond coins are not circulating is because of their high value compared to rand coins.retailers would rather disseminate rand coins and take back bond coins to the bank.i have seen it several times when i go shopping.it is not not because of a shortage of these coins that they are not circulating.but the greediness of the retailers.

  5. WILLARD MUBVUMBI

    Cde Governor, its high time you should go back to the drawing board and also find out the reason WHY the majority are detesting the bond coin? The majority faced some hardships in 2008 when the Zimdollar was in use. The memory is still lingering in people’s minds and by introducing the bond coins, the majority may think that its a way of gradually trying to bring back the zimdollar.

  6. If only he was trying to market the real coins,but this ,he must admit the RBZ is in essence trying to BORROW from us the public.

    Sorry but we do not have the money to lend at this juncture,reason why there is slow uptake of these useless tokens.

  7. Simply get the genuine US cents and people will fully accept overnight. That will also reinforce your notion that “multi currency system is here to stay”. As for now people are sceptical.

  8. goodchildgonebad

    The only ignorant Zimbabwean is the governor,first dollars for two is history no one is doing that anymore it’s better to get one one rand coin to 8bond coins that are boringly small especially the one cent it’s smallness is so irritating .The biggest mistake John and Company made was to assume their could impose their ideas on people,they are issues of perception that needed to be adressed do Zimbabweans trust their government the answer is probably a big no and the institution you head is the worst,remember Gono and his quintillions that pauperised zimbabweans

  9. Zimbabwe will never be a colony again – but we all only want US dollars or pounds kikikikiki

  10. bond coins are the same way as bearer cheques a way to give govrnment a means to print money

  11. First, let’s have all those who looted real money in the form of mechanisation programs ekuma farm uko vataure kuti vakabhadhara here. Kwete zvemari isiri mari. We don’t need fake money, we have learnt already hamunzwi? Tsvakai mari dzwma civil servants makanyarara….iripo hobho..Bob anayo, Ngwena anayo, Grace anayo, Gono anayo, Joice anayo, Obert anayo, Strive anozama kuvanayo, Chombo anayo, mese munayo mari, Dzoserai Mari kuvanhu first. Mbavha dzavanhu. Imbga.

  12. First, let’s have all those who looted real money in the form of mechanisation programs ekuma farm uko vataure kuti vakabhadhara here. Kwete zvemari isiri mari. We don’t need fake money, we have learnt already hamunzwi? Tsvakai mari dzwma civil servants makanyarara….iripo hobho..Bob anayo, Ngwena anayo, Grace anayo, Gono anayo, Joice anayo, Obert anayo, Temba anozama kuvanayo, Chombo anayo, mese munayo mari, Dzoserai Mari kuvanhu first. Mbavha dzavanhu. Imbga. Mbutu dzevanhu…bond coin Rosina zita renyika kana bank renyika moti imari? Looooooolest

  13. Re introduce our old coins, John, zvapera izvo!!!! Coins not bearer cheques, people have plenty in all denominations. They will flood the country before you blink.

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