By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
TellZim NewsTellZim NewsTellZim News
  • Local
  • Politics
  • Business
  • Education
  • Entertainment
  • Sport
  • Mapombi Adonha
  • Find it in Masvingo
Search
More News
  • Local
  • Politics
  • Business
  • Education
  • Entertainment
  • Sport
  • Mapombi Adonha
  • Find it in Masvingo
© Copyright 2024 TellZim. All rights reserved
Reading: Bond notes, a stitch in time saves nine
Share
Notification Show More
Font ResizerAa
TellZim NewsTellZim News
Font ResizerAa
  • Home
  • Elections & Governance
  • Service Delivery & Accountability
  • Women & Youth Empowerment
  • More
Search
  • Home
  • Elections & Governance
  • Service Delivery & Accountability
  • Women & Youth Empowerment
  • More
    • Human Rights
    • Climate Change & Environment
Follow US
© 2024 TellZim News. All Rights Reserved.
TellZim News > Blog > Uncategorized > Bond notes, a stitch in time saves nine
Uncategorized

Bond notes, a stitch in time saves nine

TellZimNews
Last updated: July 16, 2021 2:16 am
TellZimNews
Share
3 Min Read
SHARE

The country’s surrogate
bond note currency has let the country down and those who imposed it on the
people should hang their heads in shame. That is the least they can do or, if
they still have any moral uprightness left, should apologise and resign. But
knowing them to be who they are, we dare not expect them to voluntarily abandon
the gravy train lest we get depressed by disappointment. The bond note was
introduced ostensibly to solve the severe shortage of the US dollar which was
then the dominant legal tender in the banks. The bond note was therefore
introduced, against widespread public sentiment, with Reserve Bank of Zimbabwe
(RBZ) governor John Mangudya as its proud groomsman. Two years down the line,
the US dollar is still in short supply and so is the bond which was supposed to
solve the problem in the first place. As if that was not a big enough failure,
the bond not has now severely weakened and wrought havoc on consumer prices.
Prices of goods have doubled and in some cases have trebled threefold. That is
the reason why it is only reasonable that the bond note is dumped immediately.
Prices would definitely come down if the real US dollar is restored as the only
legal tender alongside other dependable currencies like the South African rand.
In such case, the US dollar would still remain in short supply yes, but is the
inflationary bond note itself easily accessible? Would we not rather struggle
to get money that is reliable than struggle to get something as resented as the
bond note? The price of bread would hardly reach $1.50 in real US dollars terms
but right now, bakers are fighting to be allowed to charge their products as
they deem fit, something that would take the price of bread to $4.40 and
beyond. This is surely bound to happen unless the bond note is retired with
immediate effect. The market has made it clear that it does not want the bond
note and there is no wisdom in antagonising the market.

You Might Also Like

All eyes on Masvingo derby as Una Una  takes on FC Wangu

Masvingo United stun FC Hunters, ending its unbeaten streak

Residents call for an independent board to deal with budget objection proposals

Masvingo city councilors sound alarm over Mucheke Rank stalemate

Toilet crisis hits Jerera Growth Point

TAGGED:Comment

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
[mc4wp_form]
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
By TellZimNews
Follow:
TellZim News is the leading news organization in the Southern region. It provides candid, balanced and timely news from the communities. Keeping it real. Committed to tell Zimbabwe.
Previous Article Masarasara Sec Sch project gets Chief Shumba’s approval
Next Article Mahofa new DSI for Bikita
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

FacebookLike
TwitterFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow
- Advertisement -
Ad imageAd image

Latest News

Bernadette Chipembere Tamba elected first female ZSDA Chairperson
Service Delivery & Accountability Women & Youth Empowerment July 14, 2025
Zimbabwe’s growing public debt threatens Vision 2030
Service Delivery & Accountability July 14, 2025
Street kid turns conman, convicted for theft, fraud
Court News July 14, 2025
Meet shining star David Mukuze: The teenage sensation conquering Zimbabwe’s PSL
Sport July 14, 2025
TellZim NewsTellZim News
Follow US
© 2024 TellZim News. All Rights Reserved.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?