RBZ: Bond Notes to Discontinue on Jan 26 is Fake

Harare - The rumour mill is in full throttle, this time saying the surrogate currency will be removed by January 26, 2019.

Bond notes which the government claims are at par with the US dollar and are in short supply were introduced as a measure to counter cash shortages. 

However, the Reserve Bank of Zimbabwe (RBZ) has dismissed such social media rumours, saying this was meant to cause panic and despondency in an already fragile economy. 

In a statement released to the national broadcaster, ZBC News, RBZ governor John Mangudya said.

“The article is not only misleading but is designed to cause confusion, panic and despondency within the economy. Members of the public should not be misled by such counterproductive articles.” 
Bond Notes 

Finance minister Mthuli Ncube has maintained that bond notes would remain in circulation until “fundamentals are conducive for the introduction of a local currency”.

“Over time, we will move back to a domestic currency, but that requires certain steps like fiscal consolidation around government expenditure and on the revenue front,” he said.

The renowned economist and former banker said Zimbabwe needed a stabilisation plan to be implemented within the shortest possible time.

Ncube said Zimbabwe was banking on increased tobacco, gold, chrome and platinum exports as it worked on plans for a new currency.

“There is no time frame, but we need these things to happen sooner than later. We need certain triggers such as that we need to have a full momentary policy committee that is working and be able to move to a market-based allocation of foreign exchange.”

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