Opinion / Columnist
Bond coins are a legal tender
31 Dec 2014 at 02:51hrs | Views
It is indeed worrisome that some business people, shop owners and transport operators are not accepting bond coins from their clients citing a number of challenges that they think may affect them when they accept those coins.
It is high time these business people start accepting these bonded coins as they have value which is equivalent to the United State of American dollar. Unlike the South African rand which has a lower value than the USD, people should not be skeptical about these bond coins.
Bond coins are convenient for the public to transact easily, especially on the issue of divisibility of cash. Government's efforts of introducing these coins is intended to ease change shortage problems that most customers face after purchasing groceries from shops, as well as pricing structures by dealers.
Zimbabwean economy is mainly dominated by the United States dollar, and South African rand for transactions, but businesses usually round-off prices and give consumers vouchers that would not be accepted in other shops or forcing them to accept bubble gums, sweets, pens, matches or trivialities as consolation of their cash because they lack minor denominations such as one cent or five cents.
Introduction of bond coins is a splendid solution to the monetary divisibility challenge which has been bedeviling Zimbabwe since 2009. These bond coins will also assist in the reduction of liquidity crunch.
Furthermore, use of bond coins will assist in restoring of correct pricing models of goods and services. It is of paramount importance that the Reserve Bank of Zimbabwe should continuously educate the public about these bond coins. In some rural areas people are not even aware of these bond coins and their value. Hence, the Reserve Bank of Zimbabwe should be encouraged to enlighten people across the nation about these coins.
However, business people should play a pivotal role in encouraging customers to accept these bond coins as they are a legal tender. Bond coins are used to buy locally, hence support the local industry as the money will be circulating locally. Coins have been there since the dawn of time, therefore these bond coins are equivalent to any other lawful currency which is currently in use in this country.
The government should enforce the universal usage of these bond coins. Honestly, bond coins should be considered as a statutory instrument that everyone should feel free to use. It is through people's goodwill that these bond coins will buttress the multiple currency system through the provision of change especially for the US dollar notes.
The introduction of bond coins may likely assist in reducing prices of some basic products such as bread. The price of a loaf of bread has been pegged at one US dollar since the introduction of foreign currency. Most of the shop owners were citing lack of small change as the reason behind that price. However, recent reports from millers have it that the retailers were making obscene profits from that and called for a decline in the price of bread owing to the availability of smaller denominations on the market-place.
It is therefore imperative for every citizen person to accept and utilize bond coins as they are a lawful tender in Zimbabwe.
Source - Peacemaker Zano
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