Zimbabwe: the launch of the Bond Notes is as hectic as the image of Mugabe’s administration!

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The long term dictator of Zimbabwe Robert Mugabe has resurfaced his own or the nation own currency. This time the first currency since the devaluation and hyper-inflation, as they of recent years has traded on South African Rand and U.S. Dollars. So the Bond Notes should be possible, but in reality they are a way for the government to take up more loan and sign it off to their citizens instead of settling scores with the international community that the Republic of Zimbabwe; instead the debt and inflation this is supposed to recharge a sinking economy, but with the corruption and embezzlement together with the sanctions have hit the cash-strapped economy.

The Bond Notes are a remedy, but not a believable one, which I have portrayed before; not that the U.S. Dollars and South African Rand’s couldn’t last forever, but this here is just taking up more loans and stifling the citizens with the bill.

bond-notes-from-rsa

Here is the first of day of Bond Notes!  

Bond Notes comes from South Africa:

“So everyone was wondering where this MR BOND NOTE is coming from but we managed to solve that riddle when the notes and coins arrived in Zimbabwe early yesterday aboard an international plane” (…) “The plane had a clearly visible logo, Cavok Air, which is a Ukranian cargo chartered flight company specializing in transporting high-value goods” (…) “Air cargo transportation; DG and special cargo transportation; Cargo charter operations with 24H flight watch; Planning and flight support; Obtaining diplomatic and special permits” (Masasi, 2016)

Bank agreements before the launch:

“The use of bond notes within the multi-currency exchange system which are anchored on the $200 million facility will operate along the same lines as bond coins, pegged 1:1 to the US dollar. RBZ said retailers, fuel companies and other businesses had agreed on the use and acceptability of bond notes as a medium of exchange” (…) “The Reserve Bank has engaged and agreed with the Retailers Association of Zimbabwe, fuel companies, representatives of the various business associations and the Consumer Council of Zimbabwe on the use and acceptability of bond notes as a medium of exchange in the country,” the bank said” (Chakanyuka, 2016).

Supermarkets in Harare:

“The big supermarkets in Harare – including Pick n Pay and OK Zimbabwe – were not openly willing to accept the bond notes that will also come in $5 denominations, at least for now” (…) “We are waiting for specimens and samples from the Reserve Bank. Maybe we will start accepting the bond notes in the afternoon when we receive the samples,” a manager at an OK Zimbabwe supermarket in Harare told shoppers intending to buy goods using the bond notes” “ (…) ”At Pick n Pay and TM Supermarkets branches in central Harare, the bond notes were also not being accepted. A supervisor told Fin24 that the shop was “yet to get approval to accept the bond notes” (Mataranyika, 2016).

Publicised pictures of Bond Notes, fired!

“POSB unlawfully and without permission, took images of bond notes in its vaults and distributed and publicised the images via social media,” the RBZ said in a statement signed by governor John Mangudya” (…) “The Reserve Bank…has imposed an administrative fine of $500,000 on POSB. The employees of POSB who took, publicised and distributed the images on social media have been dismissed with immediate effect,” the RBZ said” (the Source, 2016).

What have we learned by today is that certain stores doesn’t accept the currency in the midst of the capital where the nation and national assembly set in motion this coins to trade with. Still, the own population doesn’t all accept it. That even the leak a day earlier made certain Reserve Bank employee’s has been fired; the other people who leaked it on the Harare International Airport got away with it seem!

The proof that one Consumer Council has not authority with the top market Supermarkets, that shows the common neglect from the Zimbabwe Government that clearly has more tricks than governance, therefore they not listening to the public will for not releasing this currency and forcing the trade with these monetary policy.

The ones that earns on this is not the Zimbabweans, it is Mugabe and his Zanu-PF the ones that believes otherwise has been sleeping in class and never listen to headmaster. This is the next trick that supposed to clear out the running debt and feed the cronyism that are key to how Zanu-PF is running the country. Peace.  

Reference:

Chakanyuka, Tinomuda – ‘BOND NOTES OUT . . . Reserve Bank sets cash withdrawal limits’ (27.11.2016) link: http://www.thezimbabwedaily.com/top-stories/96352-bond-notes-out-reserve-bank-sets-cash-withdrawal-limits.html

 

Mataranyika, Memory – ‘Zim supermarkets reject new bond notes in early trade’ (28.11.2016) link: http://www.fin24.com/Companies/Retail/zim-supermarkets-reject-new-bond-notes-in-early-trade-20161128

 

Masasi – ‘Bond notes made in South Africa – LEAKED PICTURES SHOW’ (27.11.2016) link:http://masasi.co.zw/bond-notes-made-in-south-africa-leaked-pictures-show/

 

The Source – ‘POSB fined over bond note picture leak, workers sacked’ (28.11.2016) link: http://source.co.zw/2016/11/posb-fined-over-bond-note-picture-leak-workers-sacked/

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