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:


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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.

More: New Zimbabwe

 

Tendai BitiBond Notes

Tendai Laxton Biti is a politician and currently one of the 3 Vice Presidents of the Movement for Democratic Change (MDC). He was elected the vice presidency in May 2019 at the MDC Congress. Biti is also one of Zimbabwe's most prominent lawyers. Biti is... Read More About Tendai Biti

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

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