Mujuru wants bond notes introduction declared unconstitutional

GOVERNMENT has urged the Constitutional Court to dismiss the bond notes challenge by Zimbabwe People First leader Dr Joice Mujuru, saying it lacked merit and was premised on speculation.

According to media reports, the Constitutional Court will on September 28 determine whether or not the politician should be granted direct access to the apex court.

Dr Mujuru listed President Mugabe, Finance and Economic Development Minister Patrick Chinamasa, Reserve Bank of Zimbabwe Governor Dr John Mangudya and the Attorney-General Advocate Prince Machaya, as respondents in the constitutional challenge.

The politician wants the proposed introduction of bond notes by the Reserve Bank of Zimbabwe with the approval of the President and Minister Chinamasa declared unconstitutional for allegedly contravening several cited sections of the Constitution of Zimbabwe.

The challenge came just after Government announced that it would introduce bond notes that would be used together with the foreign currencies that are accepted as legal tender in the country.

The government contends that the bond notes will not be a new form of currency to be used in the country but just a representative of a currency already in circulation.

The central bank, the lawyers argued, has authority to issue such monetary instruments in terms of Section 7(1) (d) of the RBZ Act.

Dr Mangudya, in his founding affidavit, said the bond notes issue can be resolved by the High Court and that taking it to the apex court was unjustified under the circumstances.

Dr Mangudya said the application was mere politics that was being smuggled into the court of law.

In her application, Dr Mujuru said bond notes pose the greatest threat to the livelihoods of people of this country.

She said they will destroy the economy and perpetuate poverty.

Dr Mujuru said from her experience in Government as a Vice President, it was clear to her that the greatest mistake this country ever made was to print the so-called bearer cheques.

She said the only reasonable way forward is to adhere strictly to the multi-currency regime while doing everything necessary to stimulate economic growth.