VICE President Emmerson Mnangagwa has said there is no going back on the adoption of bond notes.
In a speech read on his behalf by Minister of Information, Media and Broadcasting Services, Dr Christopher Mushohwe, at the Employers’ Confederation of Zimbabwe (EMCOZ) congress in Victoria Falls yesterday, VP Mnangagwa said the surrogate currency was there to complement the United States dollar whose sole use was no longer sustainable to the economy.
The VP urged businesses to help depoliticise Government policies for the benefit of the country.
“The Government is working full throttle to ensure that the economy quickly recovers. Since 2009 when the Zimbabwe dollar was demonetised and a basket of currencies being the US dollar, British pound, South African rand and Botswana pula among other foreign currencies was adopted and the US dollar has been the most favoured with a majority of transactions being conducted through it,” he said.
“The structure of the economy is currently characterised by a persistent current account deficit with the imports bill outstripping export earnings hence a need for intervention measures. It therefore becomes unsustainable for the country to continue using the United States dollar as the only main currency for local transactions hence the need for using bond notes in domestic transactions.”
“The bond notes therefore are meant to complement the US dollar and are being earmarked for local use while the US dollar and other foreign currencies will be channelled towards international transactions,” said VP Mnangagwa.
“I therefore wish to urge business to diligently play its part particularly in supporting the implementation of agreed national policies, depoliticising the workplace as well as preventing and fighting corruption,” he said.
Participants at the congress which ends today, earlier on openly rejected bond notes saying their introduction was being imposed on citizens without consultations.
VP Mnangagwa said the RBZ was using a number of media platforms and fora to raise awareness about the operation of the new monetary system.
“I therefore wish to take this opportunity to reiterate the fact that the introduction of bond notes doesn’t mark the phasing out of the existing multi-currency system currently in use in Zimbabwe and neither does it mark the immediate return of the Zimbabwean dollar. It is my sincere hope that the same will happen at this congress,” he said.
The VP urged employers to play their part for sustainable development.
The VP said Zimbabwe boasts of a strong human resource renowned for hard work, resilience and commitment.
He urged the business sector to continue to invest in skills development.
He said the Government was committed to ensuring that labour laws enable employers to operate in an economically viable environment that promotes and enhances productivity. chronicle