MDC Alliance govt to scrap bond notes

MDC Alliance govt to scrap bond notes

MDC Alliance govt to scrap bond notes

Source: MDC Alliance govt to scrap bond notes | Daily News

He told a campaign rally in Victoria Falls last Friday that Zimbabwe’s “bond note” currency — introduced by toppled despot Robert Mugabe’s government in November 2016 as part of a desperate bid to stave off a cash flow crisis, have failed.

The bond notes are supposed to be traded 1 – 1 with the US dollar but are trading at anything up to 1-1,3.

Zimbabwe abandoned its own currency in 2008 and officially adopted a multi-currency system. But continued economic uncertainty led people to stash dollars outside the country, prompting a critical shortage.

“Zanu PF should restore confidence and trust. We don’t need 100 days; once we get into government the first thing to do will be to address the cash crisis. We will stop the bond notes and bring real money,” he said.

Former Finance minister and MDC Alliance member Tendai Biti has also that Zimbabwe’s “bond note” currency will be demonetised because “it has become an instrument of arbitrage.”

 

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