Thursday, 27 October 2016

BOND NOTES DEFINITELY COMING : MANGUDYA

Reserve Bank of Zimbabwe Governor Dr John Mangudya says bond notes will be in circulation next month.

Dr Mangudya, who was addressing a Zimbabwe National Chamber of Commerce breakfast meeting at the Harare International Conference Centre in Harare this Thursday morning said bonds notes were definitely on their way.

He said the notes will be in $2 and $5 denominations. The central bank governor said awareness campaigns on the bond notes will start on the 31st of this month across the country.

He allayed fears that government was trying to bring back the Zimbabwe dollar through the back door by introducing bond notes saying it was a measure to incentivise exporters and to improve on production.

Dr Mangudya says usage of the South African rand as a national currency is out of the question since Zimbabwe is not a member of the rand monetary union which has countries such as Lesotho, Swaziland and Namibia.

The coming of bond notes has created debate with some stakeholders advocating for the adoption of the South African rand which Dr Mangudya indicated that it is a process, hence cannot be done overnight since it requires introduction of local currency to back the rand.

 

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