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Bond notes: The worst is upon us

AMH Voices
The crisis has been blamed on the Chinese, “depositors” et al, but started immediately after Indigenisation minister Patrick Zhuwao announced the compulsory closure of companies that did not hand over their businesses to indigenous (read “Zanu PF”) people and backed up by no less than President Robert Mugabe.

In response to Outrage over bond coins: The announcement to introduce bond notes will only exacerbate the current cash shortage crisis by further eroding confidence in the government to properly address the economic crisis. By A Mbire,Our Reader

Anxiety about the return of the defunct Zimdollar (left) creates uncertainty among the locals who are now used to the US dollar
Anxiety about the return of the defunct Zimdollar (left) creates uncertainty among the locals who are now used to the US dollar

The crisis has been blamed on the Chinese, “depositors” et al, but started immediately after Indigenisation minister Patrick Zhuwao announced the compulsory closure of companies that did not hand over their businesses to indigenous (read “Zanu PF”) people and backed up by no less than President Robert Mugabe.

So the blame lies squarely on their shoulders.

Anyone facing the threat of theft of their hard-earned cash would be stupid to not get it out of the country as quickly as possible, Chinese or not.

This attempt to use pseudo United States dollar notes is going to be as disastrous as the bearer cheques with much the same consequences.

Being backed by a loan will not give them any value and the paltry amount of $200 million is laughable.

How much will it cost to print these pseudo notes and why can’t they be printed here by Fidelity Printers and Refiners, where their machines all burnt out printing the bearer cheques?

Also laughable is the idea that prices must be quoted in multiple currencies – one of which is changing daily. And the rule that even vendors selling bananas must have point-of-sale machines, oh no!!