Business / Economy
Bond notes won't solve cash crisis - RBZ bosses say
04 Dec 2016 at 03:28hrs | Views
Top Reserve Bank Of Zimbabwe officials have told the public not to place much faith on the bond notes to solve the economic crisis.
RBZ boss John Mangudya and his deputy Khupukile Mlambo said the country's problems run deeper even the powerful US dollar failed.
"We never brought bond notes for easing the cash crisis but they are an export incentive" declared Mangudya who early this year vowed to resign if bond notes fail to achieve their aim.
He added "I have said we will drip feed the market with the bond notes, don't tempt me to put more of them into circulation.
"We need to do the right thing," he is quoted saying.
On Friday, Mlambo told a public meeting in Bulawayo that the country's problems were huge and could not be easily solved by the introduction of the bond notes.
"The bond note is not here to solve all your problems.
"Even the US dollar can not do that. Your problems are deeper than that. Our economy is currently going through a difficult phase. The symptom is the shortage of cash," Mlambo said.
RBZ boss John Mangudya and his deputy Khupukile Mlambo said the country's problems run deeper even the powerful US dollar failed.
"We never brought bond notes for easing the cash crisis but they are an export incentive" declared Mangudya who early this year vowed to resign if bond notes fail to achieve their aim.
He added "I have said we will drip feed the market with the bond notes, don't tempt me to put more of them into circulation.
On Friday, Mlambo told a public meeting in Bulawayo that the country's problems were huge and could not be easily solved by the introduction of the bond notes.
"The bond note is not here to solve all your problems.
"Even the US dollar can not do that. Your problems are deeper than that. Our economy is currently going through a difficult phase. The symptom is the shortage of cash," Mlambo said.
Source - Byo24News
