Bond notes: The worst is upon us

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!!

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11 Comments

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  2. How will this solve the cash crisis? What evidence is there to show that these pseudo USD notes called bond notes are not being printed locally at Fidelity Printers and that these bond notes are guaranteed by a $200 m loan from Afreximbank? What Is the effect of this guarantee on bond notes users in Zimbabwe? This is just a stealth way of re-introducing the dreaded Zimbabwe local currency.These people do not learn from past mistakes and are repeating what they did in 2008 leading to hyperinflation. They have now squandered all the USD that was available and are trying to buy time using the bond notes hoping new money from IFIs will come their way. Once beaten twice shy!

  3. Touraiwa nehama muvengi aripo. I have said it again and again that this Zhuwawo boy is a disaster.

  4. newsday be serious. what kind of a commentary lacking depth on analysis is this?

    1. @ Dissapointed. More like a letter to the editor.

      1. In case you didnt realise, its written “our reader” at the top of the page

  5. Patrick Zhuwao: “Such a position puts at risk the savings and investments of depositors and shareholders in an all-ready compromised financial services sector.”
    He warned that if the foreign-owned banks did not comply with the law, they risked depositors money as they would be shut down.
    http://www.thestandard.co.zw/2016/04/03/chinamasa-lying-zhuwao/

  6. Even if this came from a reader, how does a whole newspaper decide that this trash is publishable for public consumption? This is irresponsible journalism at its finest

  7. i believe we need sound economic arguments not just bluff. i do not see anything of substance from what the reader wrote..i am strongly against the bond notes but if one is to write we need it from an economic standpoint not what he feels or heard….lets be factual!!

  8. shut up and get ready for poverty kkkk isu nzara tatoijaira

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