No going back on bond notes: Chinamasa

Source: No going back on bond notes: Chinamasa – NewsDay Zimbabwe May 16, 2016

FINANCE minister Patrick Chinamasa (pictured) has declared that the planned introduction of bond notes to ease the cash crisis was non-negotiable, adding government was determined to implement the new measures despite massive resistance from various quarters of the population.

BY RICHARD CHIDZA

Chinamasa told a public discussion, organised by the Southern African Political and Economic Series (Sapes) Trust, in Harare last Thursday that Zimbabweans had no choice, but to accept the bond notes as part of several measures to bring stability into the economy.

“We are asking Zimbabweans to take a leap of faith into the future. We all lost something in the past, but we cannot be held back by what happened. Some people will have to jump unwittingly. You are going to jump and some of you we will ask you in future how you jumped,” he said.

Chinamasa was referring to the growing public sentiments against the “re-introduction of the Zimbabwe dollar through the back door”, as the bond notes have come to be characterised.

He, however, said government would maintain an open-door policy to consultations on its new policy proposals, but ruled out the introduction of the Zimbabwe dollar anytime soon.

“We are not introducing the local currency. Our people do not want to hear anything about it. The bond notes will be here until our currency returns when the fundamentals are right. But we will keep on consulting. Nothing is cast in stone regarding the policy pronouncements we have made. But we must make sure whatever we say, we are aware of our unique situation as a country,” he said.

Economists, opposition parties and the public in general have all voiced concerns and scepticism over the introduction of the bond notes.
Most have argued government is being insincere saying the bond notes are an indirect introduction of the country’s currency, which was rejected by the economy over five years ago.

The Treasury chief accused Zimbabweans of being too sceptical and “specialised in painting a gloomy picture”.

“We do not need Zimbabweans to make this kind of noise. I can bet when foreigners come to Zimbabwe, they will say how nice the country is, but our people could cry ‘no, it is not’,” Chinamasa said.

“There is no security risk posed by bond notes. The greatest security risk to our country is an economy that is not growing. We have said this to our colleagues in the security sector. The economy is our first line of defence and the consequences of an economy that is not growing are far worse.”

But former Reserve Bank of Zimbabwe governor, Kombo Moyana shot down bond notes, saying they would not plug the cash shortages.

COMMENTS

WORDPRESS: 14
  • comment-avatar
    Joe Cool 6 years ago

    What he means by ‘There is no security risk posed by bond notes’ is that, if you leave them lying around, no-one will be dumb enough to steal them.

  • comment-avatar

    zanu pf has many many times shot itself in the foot, but still survived.
    this time, i think they have pulled off a head shot.

  • comment-avatar
    Jono Austin 6 years ago

    Unbelievable-‘we all lost something’
    LIKE HELL CHINAMASA. You and your thieves decimated the currency getting rich in the process and you want to pull the same stunt. I guarantee inflation is going to go through the roof again. This is nothing but a ploy to pay Government salaries/debts in fictitious money. And the bonds are guaranteed by a ‘facility’-whatever that means. Does it mean that anyone who holds the bond can go at anytime and exchange it for usd?

  • comment-avatar
    Dusty 6 years ago

    ISIS HQ IN SYRIA HAVE ALREADY INFORMED THEIR BROTHERS AT ISIS HQ HARARE ,THAT IF THEY DECIDE TO TRANSFER DONATIONS IN BOND NOTES INSTEAD OF USD—THEY WILL ALL BE EXECUTED !!!!

  • comment-avatar
    ntaba 6 years ago

    Zimbabwe is a unique country with politicians who are truly living legends. One would have thought that to be blessed with an enormous genius compliment of Bob, Scoones, Charamba, Moyo and the Casino Clown Economist Gono would be verging on vulgar and the world would be so jealous. But, no – we have now found another genius in the form of Patrick Anthony Chinamasa. This is mind blowing to have such brilliance all in Zanu. “Take a leap of faith with Zanu” he calmly tells everybody! The hundred trillion dollar notes are something of the past! The Gukuruhundi and the demolitions in the cities never happened! Zanu is going to fix the money problem with the Printing Press!!! I think that Binga should become an Export Processing Zone for Binga Best Mbanje. There is a huge export market to tap into, and the Zanu level of ingenuity and intellect is a unique selling point.

  • comment-avatar
    Tiger Shona 6 years ago

    It is true that they cannot pay all the civil servants any more.
    And they refuse to change policy on economic activity. That will fix the economy.
    And no one trust them.
    The changes they did make will not fix anything.
    What they should do as a party is to resign from government. Because over and over, they have shown us that they are not up to the job.

  • comment-avatar
    Zambuko 6 years ago

    Zimbabwe’s economy stands on a thin ledge below the top of a precipice and all that is now necessary is a leap of faith.

  • comment-avatar
    Voice of Wisdom 6 years ago

    Stop making unnecessary in effective noise from the periphery. As government we will not listen to any of your reasonable noise. You see, we do not do things that do not benefit us and as such bond notes will benefit us for a moment and then they will become a thing of the past. When that happens we will ask you to have a ‘leap of faith in another new idea.’ Please if you cant beat us at our game just do the noble thing, JOIN US, JOIN ZANU-PF and be part of the great gravy train. We have not listen to the voice of the people in the past, we will not listen to it now and we shall never listen to the voice of the people even in the future. That’s how we have been doing things since our days in the struggle.

    • comment-avatar
      Matunduru mahure 6 years ago

      Thus what oppressors know best- autocracy, selfishness, umbimbindoga, corruption, umbavha, – all devilish descriptions you can thinks of , you name it. That describes the Zanu pufu govt and its dumb ministers like Chinamasa. Hokoyo na Bennet.

  • comment-avatar
    I am not the one 6 years ago

    yep… but the idiotic populace will still vote for them again. They will once again be lured in with another coke, a bit of pap and a t-shirt and dutifully support them. The ever so bright populace will still persist with the slash and burn approach to anything and everything, not just agricultural practices, and then complain they have no food or fertiliser. Ah, that grand old lady of fix-it-all’s……fertiliser! Held in such a mythical status in Zimbabwe and seen as the holder of the solution to all the woes faced by the ever so skilled “farmers”. My beloved Zimbabwe where the only crop they can produce well is ignorance.

  • comment-avatar
    Maguvha Wangahwe 6 years ago

    One wonders if the intransigent statement by Chinamasa is a challenge to the rest of Zimbabwe like in the Shona “MUGOTIDINI?” If it is, then it’s no different to Perence Shiri’s “Chero mukachema – chero kukwira gomo – hapana chinochinja” when he and Chiwenga followed ZNA officers & men to Baidoa and Mogadishu in 1993 to boast that they were going to STEAL the soldiers’ money and that there was absolutely nothing that the soldiers could do about it! Such intransigence!? Lord have mercy!

  • comment-avatar
    ex zanu youth 6 years ago

    iwe chinamasa unoda kuti ini nditambire bond note tissue mwana wako tino achifamba ne7million $ mumota ?unofunga ndinorwara sezvinoita roby kani .Chinamasa KEEP YOUR BOND TISSUE NOTES AND I WILL KEEP MY U.S.A. DOLLAR ……THIS MONTH# NO CASH DEPOSITOR KUSVIKA WATAURA KWAKAENDA 15 BILLION U.S.A DOLLARS REMAMBER NEHANDA AKATI MAPFUPA ANGU ACHA MUKA //////

  • comment-avatar
    fixit 6 years ago

    Amazing, Zimbabwe is writing economical history.
    Ancient Rome, Germany, Argentine all fell into the trap of printing money.
    Only Zimbabwe has the audacity to repeat the same stroke of genious within the same decade.
    Prepare for a second GONOrhea.