Published On: Tue, Nov 1st, 2016

Mugabe legalises introduction of Bond notes

HARARE – The premature court application by Zim Pf leader Joice Mujuru challenging the legality of bond notes has been at least put to rest for now. Though it is not conclusive whether the bond notes are still constitutional but they still stand to be legal as of now. It seems the embattled Zanu Pf government has at least tried to close any avenue that might lead to challenging introduction of Bond Notes, at least legally.

The Minster of Finance Patrick Chinamasa released a press statement yesterday which summarized the framework that would be taken by the government in the issuance of Bond Notes. The government has said that it will first ensure that it has conscientised  the public before issuing the notes. According to the Minister, this is meant to protect the public from being “duped by fake  Bond Notes that may be circulated into the market by unscrupulous elements in our society.”

The statement does not however tell the exact date at which the Bond Notes will be issued to the public. It only says that the Government would issue them once it is satisfied that the public has become conversant of its salient features.
In the same statement he went on to mention that the issuance of Bond Notes is to be legalized through the gazette Statutory Instrument 133 of 2016 promulgated under the Presidential Powers (Temporary Measures) Act.

This is a clear commitment of the government to issue Bond Notes in a bid to save the ailing economy and liquidity crisis.

Click below to read the full Press Statement on Bond Notes released 31 October 2016.




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