RBZ boss to clarify on bond coins

RESERVE Bank of Zimbabwe (RBZ) boss John Mangudya will be in Bulawayo on February 5 to clear the air surrounding misconceptions associated with bond coins, the Zimbabwe National Chamber of Commerce (ZNCC) said.

Speaking at a press conference yesterday, ZNCC second vice-chairperson for Matabeleland region, Sisasenkosi Sibanda, said there were mixed feelings over the recently-introduced bond coins, as some businesses and citizens in the city were sceptical of the government's intentions.

ZNCC Matabeleland chapter will hold a breakfast meeting to clear those misconceptions.

"From general view, there is a lot of scepticism surrounding the use of bond coins," Sibanda said.

"A lot of retailers are facing challenges when it comes to large amounts of bond coins being given to consumers.

"People think that it's an introduction of the Zimbabwean dollar and we want the governor to clarify on that."

Another ZNCC official, Obert Sibanda, said the coming of the RBZ governor would boost the confidence of retailers and other stakeholders.

He admitted that the government failed to fully educate people prior to the introduction of bond coins, but said this was not an excuse for people to reject them.

The breakfast meeting is expected to be attended by stakeholders.

After the meeting, Mangudya is expected to tour some Bulawayo companies to get a general view of what is happening on the ground.

There has been a lot of resentment towards bond coins, especially with small-to-medium enterprises and informal traders, who argue that most businesspeople importing would be forced to seek foreign currency from the black market because the bond coins can only be used within Zimbabwe.

Vendors have shunned the coins.