Bond Note No Longer Sustainable, Govt Should Adopt Rand- Cross Border Traders

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Zimbabwe Cross Border Traders Association (ZCBTA) president Dr Killer Zivhu urged Government to adopt the South African rand as its main currency instead of the United States dollar.

Zivhu said the bond note is no longer sustainable and urged Government to appeal to South Africa to join the Rand Monetary Union. He also said the lifting of the import ban is ineffective because people do not have foreign currency. Said Zivhu:

Honestly, you can’t buy your goods in rand and come and sell them in bond notes. It’s no longer sustainable to use a bond. It’s no longer sustainable to use electronic transfers. Right now the most essential shop that we don’t want to see closing is a pharmacy. But all pharmacies are now selling their products in US dollars. And if in any case they charge you in bond notes, they will put a mark up for cross rates obtaining on the black market. The South African Minister of Foreign Affairs (Lindiwe Sisulu) came out saying they are ready to help Zimbabwe anytime if they are called to do so. It’s time to send the signal to South Africa that we need the rand and we want to make the rand our major currency in the country.

More: Chronicle

Bond Notes

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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5 comments

  1. Pontiano Reply

    I beg to differ we should not continue importing basics from South Africa, this should be on temporary basis so there is no need for adopting rand, our economy will be controlled by South Africa. The best solution is to revive our industry so that we will have enough foreign currency.

    • shorai Reply

      thats a long term plan, we need a short term plan. and adopting the rand is a sure bet. we are buying medications in usd and you want us to wait for the economy to produce and export?
      as much as i am for the country to produce, it will take time dear whilist we require iminent solutions

  2. Malvin Reply

    Well we are not reviving the industries either.each time we try,a good for nothing mp or minister simply embezzles the funds.must we suffer for another decade trying to convince our politicians that Zimbabwe as a nation is more important than their back pockets.Above all our economy is already controlled by the US$.What difference will it make,save for easing the burden on Zimbos

  3. Moi Reply

    We need Zimbabwe to have hard working ministers and someone with a brain. At the moment the government is going round and round which means they have no idea what to do or just feeding the people with a lot of rubbish and have no interested in sorting out the economy. We will see them in five years time for elections. The Rand will not sort anything out. We need development and investment and stop supporting South African businesses. We have our own country.

  4. Hurukuro Reply

    ………the simple truth is that it will take time to industrialize to a level where …our exports will exceed our imports and thereby give our economy a positive balance of payments situation. China needed 30 years to get to where they are today…work ethics and output have to change 10 -15 hour work days & 6 day week….frugality must become common nature – no big fancy cars lower salary but equity and min bureaucracy….zero tolerance for corruption and incompetence… Its possible, doable and desirable…..lets go for it my compatriots……!!!

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