‘RBZ won’t force public to use bond notes’

Source: ‘RBZ won’t force public to use bond notes’ | The Herald August 18, 2016

Business Reporter

The Reserve Bank of Zimbabwe will not force the public to use bond notes but is rather trying to monetise the five percent export incentive without doing away with the multi-currency regime, Central Bank Governor Dr John Mangudya said. Speaking at the Confederation of Zimbabwe Retailers Statutory Instrument 64 of 2016 breakfast meeting on Monday, Dr Mangudya said anyone who will not be interested in using the bond notes can just use plastic as an alternative or any other currencies.“On bond notes the RBZ is not forcing the country to use them but was rather monetising the five percent export incentive without doing away with the multi-currency regime.

“The intrinsic value of the export bonus or incentive scheme is to attract and enhance exports by Zimbabweans so that at the end of the day there is enough foreign currency in this country,” said Dr Mangudya.

“If you are getting a $400 salary, you will still get $400 in United States dollars, bond notes, rand or euros. If you don’t want them then you use plastic money. We are not forcing anybody to use bond notes,” he said.

Dr Mangudya also said there were no banks keeping money offshore to sabotage the economy adding that a tight monitoring system is in place to monitor the flow of forex from the economy.

“What I want to say is there are no banks keeping money offshore for the sake of trying to sabotage the economy. That is the reason why we have a foreign currency committee, which is always there to see how much money they have in their nostros and how much money they are giving to their customers,” said Dr Mangudya.

He said to curb the current forex deficit, the central bank was in the process of coming up with a nostro stabilisation facility aimed at ensuring that the gap between demand for foreign currency and the money available is narrowed.

“We have arranged facilities for nostro stabilisation to ensure that the money needed for importation and needed to do business is available,” he said.

COMMENTS

WORDPRESS: 4
  • comment-avatar

    “If you are getting a $400 salary, you will still get $400 in United States dollars, bond notes, rand or euros. If you don’t want them then you use plastic money”. ………BUT I WANT CASH ( it is MY money after all)….WHAT %OF MY $400 IS IN BOND NOTES…..10 , 20,50,OR 99% ?????? …….AND WHY DO YOU CALL MY SALARY$400 WHEN I CAN’T WITHDRAW 400 UNITED STATES DOLLARS…….YOU ARE A BUNCH OF CRIMINALS…….AND THE BUBBLE WILL SOON BURST…… HOPE TO SEE YOU ALL IN JAIL (including the banks )……..GO GO NOW…..YOUR TIME IS UP…….

    • comment-avatar
      fixit 6 years ago

      They admit that money in a Zim bank, plastic money, is now basically Mugabond junk.
      They did it again, robbing peoples money and getting away with it.
      Keep your dollars under the mattress or in an SA bank account.

  • comment-avatar

    My fellow countrymen stay away from this bond monster it will impoverish you than before. However it depends how stupid you are to trust the ZANU PF government. I will be watching the drama as it unfolds. If they failed to boost exports with real currency what makes you believe in the bond. This time you won’t dupe people.?

  • comment-avatar

    The entire banking system is going to crash, these plastic money transfers are a gigantic fraud as there is no real money to support them. The importers need real money to pay for imports and the banks cant pay them in bond notes