Yesterday a story circulated on social media that the Reserve Bank of Zimbabwe (RBZ), had moved the release date for bond notes from the end of October to the 3rd. There have also been fear that the bond notes will substitute the US dollar. However in an interview with the Sunday Mail, RBZ Governor John Mangudya said that the bond notes will not substitute the US dollar and he spoke nothing on the new release date.
There is no reason why people should panic over bond notes given that the multi-currency exchange system is here to stay and that its sustainability is dependent on the economy’s capacity and ability to generate foreign exchange to meet its domestic and foreign requirements, development and promotion of foreign exchange revenue streams.
He also said that they will be setting up an independent body that will monitor the issuing of bond notes,
We are addressing the concerns by introducing small denominations of bond notes of US$2 and US$5. In addition, the central bank has proposed setting up an independent board to have an oversight role on the issuance of bond notes in the economy.