Churches Demand Apology From Mangudya Over Bond Note Fiasco

Church leaders under the Zimbabwe Council of Churches (ZCC) banner have demanded that Reserve Bank Governor Dr John Mangudya apologise for lying to the nation that the bond note was equal to the US dollar.

The church leaders met Mangudya on Sunday to share their views on the Central Bank’s Monetary Policy Statement issued last month.

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A statement issued by ZCC reads in part:

The banking public believed that they were holding to US$ accounts over the past 9 years and the true value is lost as the bank balances are now in RTGS dollars.

It is the public’s opinion that bond notes yielded unintended impacts such as parallel market conversion rates that eroded people’s bank balances.

Thus, the church is concerned by the introduction of the RTGS Dollar as the preferred currency in the context of weak economic fundamentals.

Public acknowledgement and apology for such failures are important to bring closure to these issues and restore institutional trust.

Political polarisation, lack of independence of the central bank, ineffective communication, lack of public awareness and lack of stakeholder consultation.

… We are further concerned by the contravention of the Constitution and RBZ Act in relation to contraction of loans and government borrowing from the Reserve Bank of Zimbabwe.



RTGS Dollars

Zimbabwe RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins. The introduction of the RTGS Dollars was announced by... Read More About RTGS Dollars

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