Mugabe's Zanu-PF divided over introduction of bond notes - report

2016-05-12 13:30

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Harare - President Robert Mugabe's Zanu-PF party is reportedly divided over the introduction of bond notes, with some lawmakers saying the move could trigger hyperinflation and return the country to the 2008 economic meltdown.

News 24 revealed in a recent report that the Zimbabwean government was planning to introduce bond notes after the country experienced cash problems.

Many saw the introduction of the bond notes as government's sneaky attempt to take country back to the Zimbabwean dollar.

Zimbabwe abandoned its own currency in 2009 because of hyperinflation. The country adopted the US dollar, while the rand, euro, Botswana pula, yen, yuan and Indian rupee were also legal tender.

According to NewsDay, some of the Zanu-PF's lawmakers said that the re-introduction of the bond notes was only going to address symptoms, instead of the root cause of the cash shortages.

The Parliamentary Portfolio Committee on Finance and Economic Development's acting chairperson, Terrence Mukupe, posted on his Facebook page: "We are addressing symptoms and not the root cause of our problems. We have a flight of the United States dollar out of our economy causing the cash shortages."

However, Zanu-PF parliamentary leader Lovemore Matuke lashed out at the cynical lawmakers, saying that if they were unclear about government policy directives, they should ask for assistance.

Matuke claimed that the ruling party would do everything in its power to ensure that other Zanu-PF lawmakers were engaged on the matter.

This came just less than two days after opposition parties threatened to hold demonstrations over the introduction of the bond notes.

Morgan Tsvangirai's Movement for Democratic Change said that his party was going to mobilise a mass protest.

Read more on:    zanu-pf  |  robert  |  mugabe  |  morgan ­tsvangirai  |  zimbabwe  |  southern africa

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