Present bank balances should be ring-fenced in their US$ form - Tendai Biti

Former Minister of Finance Tendai Biti has called on the government to preserve the United States dollar bank balances of depositors to protect them from the weakening value of bond notes. This cover after the value of bond notes depreciated leading to panic buying of basic commodities. Biti said that the current bank balances must be allowed to retain their US dollar value to prevent them from being wiped out like what happened pre-dollarisation when pensions and savings were lost.

Speaking on Twitter, Biti Said:

With the sharp collapse of the bond note & RTGS exchange rates, it is urgent that present bank balances are ring-fenced in their US$ form.

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