Published On: Mon, Nov 7th, 2016

Zimbabwe Cash Crunch update

by Vivabantu Mkwananzi

Banks Doll out Bond Coins

PEOPLE queue for cash at a bank in Bulawayo yesterday.

The current cash crisis has reached alarming  and stranger than fiction levels in some of the smaller towns and centres of Zimbabwe as banks in these areas have now resorted to dispensing bond coins to the already suffering and burdened banking public particularly civil servants

A primary school teacher, Mr Brian Chibaya , who teaches at a school  near the city of  Masvingo,  got the shock of his life when he was told that his bank , Standard Chartered bank, could only be able to allow him to withdraw his delayed salary in the form of bond coins

Speaking to this publication, Mr Chibaya said he had come from his school which is situated in the Topora rural area to access his salary after being assured by a fellow workmate who had accessed $100 dollars out of a possible $400 dollars that teachers are paid by the government

“I thought at least I would get the $100 dollars in notes as has become the norm only to be told that they could only give me the amount in bond coins .I teach in the rural areas and I don’t get time to come into town on a daily basis “said a distraught Mr Chibaya.He added that he had tried to take his matter to the branch manager who reiterated that their hands were tied and they were trying to do the best they could to serve their clients.

Mr Chibaya reluctantly accepted the “sack” of bond coins and implored the government to arrest the situation whether by the introduction of the controversial bond notes or find ways to inject cash into the banking system as the present situation was making life difficult for the average person

Reserve Bank of Zimbabwe governor Dr John Mangudya has indicated that bond note will be introduced at the end of this month but is facing a tough task of convincing a highly skeptical public about the benefits of the surrogate currency.Dr Mangudya has put his head on blocks by declaring that that he would resign if the bond notes proved to be a failure.the impending introduction has also seen criticism from leading businesspeople among them Shingi Munyeza who has branded them Satanic. Said Dr Munyeza  “this thing called bond the bond notes is not from God, it’s a messenger from Satan to buffet us”. Opposition leader ,Dr Joice Mujuru of the Zanu pf offshoot , Zimbabwe  People First ,ZIMPF, has challenged the legality of the notes in a court challenge. zimbabwenewsday





Follow Our Updates