Zim social media erupts after Reserve Bank announces new 'bond notes'

2016-05-05 12:06


Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Harare - Social media in Zimbabwe erupted in horror on Wednesday after the Reserve Bank chief, John Mangudya, announced the introduction of "bond notes" to ease biting cash shortages.

In what many saw as a sneaky attempt to take Zimbabwe back to its own currency, Mangudya said the "bond notes" will be introduced within weeks in denominations of 2, 5, 10 and 20 dollars, according to the state ZBC broadcaster.

"Say a big hello to the Zim dollar #twimbos", tweeted @mntini.

Prominent commentator and editor of the online NBO magazine, @joeblackzw said: "I have an actual, literally, stomach-ache right now."

"Bond coins" were introduced in Zimbabwe in 2014 to ease a shortage of change, with the highest denomination being 50 cents. There were fears then - pooh-poohed by President Robert Mugabe's government - that the coins represented the first step in a sure slide back to the Zimbabwe dollar, formally abandoned in 2009 after years of hyperinflation.

Diamond money 

Cash shortages have worsened sharply in Zimbabwe in the last few weeks, with locals reporting that they have spent hours in bank queues. Some ATMs were this week only dispensing $60 per person.

The Zimbabwe People First party, which is headed by former vice president Joice Mujuru said in a tweet: "The planned introduction of bond notes demonstrates that the Zanu government has run out of ideas to fix the regressing economy."

The new notes will reportedly be backed by a $200 million facility from the African Export-Import Bank (AFREXIMBANK). There are fears this will not be stuck to.

"They stole diamonds but we trust them to print & circulate bond notes only up to limit backed by [AFREXIMBANK] bond. Okay," tweeted @redemptab in an apparent reference to the $15 billion of diamond money that Mugabe recently admitted had gone missing.

@TanyaradzwaN predicted: "Can't say we [are] refusing bond notes, but the effects of using them ... Food shortages, Zesa load shedding, water rations, petrol shortages..."

Said @Cheryl_ZM: "The Zim economy is stressing me due to the current cash shortage & the pending printing of bond notes. 2008 nightmares. PRAY FOR ZIMBABWE."

Mangudya was quoted by ZBC as saying: "The measures will go a long way in increasing economic confidence within the economy.” 

Read more on:    joice mujuru  |  robert mugabe  |  john mangudya  |  zimbabwe  |  southern africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.