Bond notes: Zimbabweans react on social media

2016-09-16 18:01


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Harare – Zimbabweans have taken to social media to express their concerns over the introduction of bond notes next month.

Twitter went abuzz on Thursday after central bank governor John Mangudya announced that the local version of the US dollar, popularly known as bond notes, was to be introduced in October as planned.  

Widespread media reports indicated that the Zimbabwe central was set to introduce the bond notes at the end of October, thus, raising fears of a return to a domestic currency abandoned in 2009 as hyperinflation soared out of control.

Zimbabwe was in the throes of its worst financial crisis since it switched its currency for the US dollar, and the new notes in small dollar denominations were meant to help address cash shortages that had driven protests against the government.

According to Finance 24, Mangudya, sought to allay worries by saying that the bond notes would be initially circulated in $2 and $5 denominations, and would account for less than 1% of the $6bn held in bank deposits.

"It's about trust and confidence and we are saying if you don't want them (bond notes), don't take them. We won't overprint the bond notes," Mangudya said.

Meanwhile, according to the state-owned Herald newspaper, the central bank governor revealed that government was expecting at least $75m of the bond notes to be on the market in December. 

He said consumers would only be able to use the bond notes in the southern African country.

"The issuance of bond notes has a self-control mechanism in that when there are no exports, there will be no bond notes. Therefore , at the rate which the country is exporting and based on statistics, we anticipate that bond notes equivalent to around $75m will be in the market by end of December 2016," Mangudya was quoted saying.  

But, angry Zimbabweans on social media expressed their concerns.  

One Twitter user, @Sir_Zachi said that the move would only bring back the country to the souring hyperinflation experienced in 2008.

Another Twitter user, @ali_naka claimed that there was lack of trust between the central bank and the citizens.

Others were adamant that the bond notes were not real money, therefore, they ought to be rejected. 


Read more on:    john mangudya  |  zimbabwe  |  southern africa

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