Deputy Finance Minister Terence Mukupe told The Sunday Mail last week that bond notes cannot be maintained and will be phased out to make way for a local currency once “fundamentals are in place”.
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The official position is that we have bond notes in place, but that situation is not tenable. But we cannot have our own currency at the moment because fundamentals are not in place. We need to have sufficient resources and increase exports for us to introduce our own currency. As long as we have Zidera (the Zimbabwe Democracy and Economic Recovery Act), we can’t do that. There is recognition that to achieve the growth we want, we need to have our own currency. Bond notes are in place and they are still serving their purpose. But we can’t be printing bond notes that are not backed by a facility. We need a facility such as the one we have with Afreximbank.
More: Sunday Mail
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
Terence Mukupe is a Zimbabwean politician. He is the former Deputy Minister of Finance and Economic Planning. In November 2017 he was appointed by President Emmerson Mnangagwa into a new cabinet. In April 2018, Mukupe was arrested and fined for assaulting his ministry’s finance director.... Read More About Terence Mukupe