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Mugabe's government in a fix over introduction of bond notes

by Stephen Jakes
13 Oct 2016 at 09:13hrs | Views

A political commentator Pedzisai Ruhanya has said the government and the Reserve Bank of Zimbabwe are in a serious fix at the moment over their plans to introduce bond notes by end of October amid revelations banks were experiencing an increase in withdrawals which will render them cashless by the time the new money come.

"Both the monetary (RBZ) and fiscal (Government) authorities are in a huge fix on the introduction the bond notes," he said.

"From what we see in most banks, by the time the bond papers are introduced some banks wont have any cash because of the panic withdrawals, a clear indication of a no confidence in the new currency by the public."

He said the difficulty the authorities have is that going back on this policy is as dangerous as going ahead.

"The damage to the economy has been done already!" he said.

RBZ will introduce the bond notes by end of this month to curb cash shortages.

Source - Byo24News