Appearing before the Parliamentary Committee on Finance and Economic Development yesterday, Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya said the bond notes have been successful since they have helped companies to increase both production and exports.
He also said the bond notes were not meant to deal with cash shortages but to increase exports by being an incentive. Said Mangudya:
I said when bond notes fail to support export incentives in this country, I would resign and you know we have many companies that we have been resuscitated, and I can mention them. What the people were ascribing to, which I do pray to honourable MPs not to do, is to say that it has failed to remove queues in the banks. Once you do that, you are saying print more. But what we are saying is our bond notes are governed as a proportion of exports, so when I say bond notes, I celebrate because I see the image of exports, it is a brilliant mechanism. I haven’t resigned because the bond notes have succeeded in helping the companies in Zimbabwe to be resuscitated
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Yes for those trading on the black market. The biggest sin is how much poverty has set into the country since and those like him who think they have done such a good job.
The problem is you are talking about text book economics and not considering the practical solutions to the day to day hardships of ordinary Zimbabweans who cannot get hold of either the bond notes or the USD. You need to bring back the Zimbabwean currency as there is no country that can survive for long without its own currency. The USD can all be left in forex accounts for everone who has a bank account. This wil allow Zimbabweans including those in the rural areas to participate meaningfully in the stimulation of the economy. The current shortage of cash notes is promoting the black market where a US dollar note costs anything up to USD1.75 for an electronic transfer. One wonders who is benefitting from all this…. obviously the people with access to cash. So wake up and smell the coffee Mr. governor or are you also benefitting?