Business / Economy
Calls for more information on bond notes
27 Oct 2016 at 16:41hrs | Views
Lack of confidence, anxiety, and scepticism on the functions, validity and motive of the introduction of the bond notes are some of the many challenges which have gripped the nation.
As the Zimbabwe National Chamber of Commerce (ZNCC) breakfast meeting unfolded this Thursday, stakeholders raised the concerns abounding among citizens while it has also emerged that rampant misinformed social media messages have exacerbated the anxiety.
The imminent introduction of bond notes has impacted Zimbabweans in different ways with some engaging in speculative tendencies, hence hoarding cash testifying the scepticism citizens have on the monetary initiative.
Despite several assurances from the central bank that a local currency will only be introduced when economic fundamentals are restored, many are holding the belief that the bond notes move is government's way of sneaking back the local currency.
Financial institutions are now giving coins for those that want to withdraw their money which gives credence to the speculation on the market.
The Consumer Council of Zimbabwe feels whilst bond notes are an export incentive, consumers will be left at the mercy of business people as they lack basic information about the monetary policy measure which is meant to boost productivity within the economy.
Concerns are the local economy is expensive which has made local industries uncompetitive regionally.
This compounded by rampant and uninformed use of social media has stifled efforts by monetary authorities to engage with stakeholders for the introduction of bond notes.
The local economy is facing a number of challenges which have impacted on the growth rate, chief among them being limited fiscal space, widening current account deficit and lack of access to foreign finance.
As the Zimbabwe National Chamber of Commerce (ZNCC) breakfast meeting unfolded this Thursday, stakeholders raised the concerns abounding among citizens while it has also emerged that rampant misinformed social media messages have exacerbated the anxiety.
The imminent introduction of bond notes has impacted Zimbabweans in different ways with some engaging in speculative tendencies, hence hoarding cash testifying the scepticism citizens have on the monetary initiative.
Despite several assurances from the central bank that a local currency will only be introduced when economic fundamentals are restored, many are holding the belief that the bond notes move is government's way of sneaking back the local currency.
Financial institutions are now giving coins for those that want to withdraw their money which gives credence to the speculation on the market.
The Consumer Council of Zimbabwe feels whilst bond notes are an export incentive, consumers will be left at the mercy of business people as they lack basic information about the monetary policy measure which is meant to boost productivity within the economy.
Concerns are the local economy is expensive which has made local industries uncompetitive regionally.
This compounded by rampant and uninformed use of social media has stifled efforts by monetary authorities to engage with stakeholders for the introduction of bond notes.
The local economy is facing a number of challenges which have impacted on the growth rate, chief among them being limited fiscal space, widening current account deficit and lack of access to foreign finance.
Source - zbc
