We Should Not Pretend That US dollar Is 1:1 With Bond Notes MPs Tell Chinamasa

Legislators from both Zanu-PF and MDC have told Finance Minister Patrick Chinamasa to address the issue of the value of bond notes. The legislators said that Chinamasa needed to acknowledge that BondNotes and the United States dollar were not equal and could not trade at 1:1.

Speaking in the National Assembly after Chinamasa’s ministerial statement, MDC MP for Warren Park Elias Mudzuri said:

…you minister and your team should be the first people to get arrested; you are arresting the wrong people. Minister, we want you to be arrested for the offence that you are misleading us that the dollar and the bond note are the same.

MDC secretary for Finance Tapiwa Mashakada said:

You can have laws like we did with the Pricing and Competition Commission during those years. Clampdown, yes we can but the market will determine the fundamentals and levels of the US dollar. So, what the market has told you is that the US dollar is not 1:1 with the bond. That is the message that the market has demonstrated. This is why if I want to pay my foreign payments, the bank will ask me to supply them with foreign currency. It is a statement that this parity is fallacious. It does not exist. I hope we can begin to address the proper value and exchange rate of the US dollar rather than pretend that it is still 1:1 with the bond.

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Zanu PF MP for Hurungwe East Sarah Mahoka said:

Earlier on, you promised us that the US dollar and the bond note are the same. Why do the banks not use my bond notes and transfer them to my child so that my child can go to school without any problems. This is because you told us that they are the same. I sell my tobacco in US dollars, I already have US dollars. Why am I failing to access US dollars? This means the banks are promoting the black market. Can you please look into that issue?

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