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