Former industry and international trade minister Dr Nkosana Moyo has said that the bond notes are not the answer to Zimbabwe’s cash crisis.
In an interview with Capital26free Moyo said:
The answer is not bond notes, the answer is not stop the hemorrhage of where our money went and continues to go. Once we stop that the issue of bond notes will not even arise…somebody is responsible for our money disappearing from the banks and they need to give us an honest answer. When we dollarised, we literally, all of us without exception, zeroed our savings to nothing. So every dollar that is in my account, I earned from that day onwards…where did it go?
Moyo also said banks have to be honest and reveal where the money went arguing that if one deposits their money and it is not there it must have gone somewhere. He argues that either banks lent the money recklessly and lost it or gave it to someone.
More: Daily News
Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes
Dr. Nkosana Moyo, PhD (Physics), is an economist and former Zimbabwe Minister of Industry and International Trade. He is known mostly for his sudden resignation from his Ministerial post in 2001, when he left to join his family in South Africa because he disagreed strongly... Read More About Nkosana Moyo
The Republic of Zimbabwe is a country located in the Southern Africa region. Its capital city is :Harare and the country has 10 provinces. Zimbabwe is 390,580 sq km and is bordered on all sides by other countries (Zambia in the north, South Africa in... Read More About Zimbabwe