Chinamasa to fast track Amendment Bill on bond notes

PATRICK Chinamsa, Zimbabwe's Finance and Economic Development Minister, is this afternoon expected to push through Parliament the fast-track passage of the Reserve Bank Amendment Bill which aims to pave way for the introduction of bond notes by month end.

According to Zimbabwe media, Chinamasa was supposed to introduce the motion that allows the National Assembly to expedite passage on the Bill on Wednesday but due to the Q&A session failed to do so.

According to the Order Paper, which shows proceedings and notices of motions in the National Assembly, Chinamasa is set to move a motion setting aside four Standing Orders to allow the fast tracking of the RBZ Amendment Bill.

"The Minister of Finance and Economic Development to move: That the provisions of the following Standing Orders be suspended, in respect of the Reserve Bank of Zimbabwe Amendment Bill," read the motion to be moved by Chinamasa.

Chinamasa will seek to suspended Standing Orders- number 134, which relates to the introduction of Bills, number 135, which relates to referral of Bills to Portfolio Committees  and Number 136 on procedure in connection with the Parliamentary Legal Committee as well as Number 139 which relates to stages of Bills.

A new motion announced Tuesday by Finance minister Patrick Chinamasa, sought the house of assembly's approval of the fast-tracking of the RBZ Bill, but the opposition immediately opposed this, with the Speaker Jacob Mudenda saying the discussion would have to wait until the minister moves the motion.

A parliamentary panel yesterday sought public comments on a draft bill which seeks to legalise bond notes.

The views of stakeholders are being sought by November 30 on the Reserve Bank of Zimbabwe (RBZ) Amendment Bill, currently being scrutinised by a parliamentary committee.

"...the portfolio committee on finance and economic development is hereby inviting all interested and affected parties as well as members of the general public to submit their comments on the Bill to Parliament of Zimbabwe," said a notice published by Johane Gandiwa, the assistant clerk of Parliament yesterday.

This comes after President Robert Mugabe has moved to seek Parliament's approval a statutory instrument to legalise the bond notes.

The statutory instrument was valid for only six months, with the envisaged Act now set to give the bond notes constitutional validity after undergoing judicial review and a legislative process in line with the doctrine of parliamentary supremacy.

A specimen of the bond notes is set to be published before this weekend, RBZ sources confirmed.

As the contestation around the bond notes continue, lawyers Tererai Mafukidze, Tendai Biti and Dzimbabwe Chimbga have mounted a legal challenge against the Central Bank initiative and describing it as a "troubling, bad and terrible economic" gimmick meant to pave way for the return of the Zimdollar.

However, RBZ governor John Mangudya has continued drumming up support for the currency and insists the 'money' does not signal the return of the derided currency.

 The new notes, it has been announced, are backed by a $200 million facility from the African Export-Import Bank (Afreximbank) of which Zimbabwe is a shareholder.

Mugabe and his Zanu-PF have pushed for the law, in part to try to circumvent a biting liquidity crunch, as banks have run out of greenbacks and resulting in further cuts of amounts dispensed to customers.