The RBZ began to release Zimbabwean Bond Coins on December 18, 2014. The coins are denominated at 1, 5, 10, and 25 cents and are pegged to the corresponding values in United States currency. A 50 cent Bond Coin was finally released in March 2015.

The coins  are said to be used as a remedy to lack of small change resulting from the absence of a solid seignior-age contract with the USA, South Africa or any of several other countries whose currencies, including the U.S dollar and the Euro are being used in the multi-currency regime that arose in 2009, when Zimbabwe abandoned its own currency in response to several cycles of hyperinflation. 

The country's economy being too frail and small to pay the interest which would come with a seignior-age contract, the country chose instead to implement a multi-currency environment based on the US dollar. However, this arrangement has meant a shortage of small change in coins.

Public reaction to the Bond Coins has been extremely skeptical, with widespread fear that they are the government's first step to reintroducing an unreliable Zimbabwean dollar. John Mangudya, the Governor of the Reserve Bank of Zimbabwe has denied that the Zimbabwean dollar is being reintroduced. 

With that said lets get to today's business. Boarded a kombi to work morning and paid with 1USD and was given a fifty cent bond coin only to realise it was fake and I thought of sharing the pictures and make you aware of whats happening around Harare.

the original bond coin on the left and the fake one on the right (Picture by Michelle Mulingo)

Was a bit worried that with the circulation of fake bond coins in the capital will we not see circulation of fake bond notes that are soon to be introduced.


https://www.newsday.co.zw/2016/05/10/bond-notesbond-coins-bond-james-bond-whatever/
http://www.thezimbabwean.co/2016/05/rbz-bond-notes-what-you-must-know/
https://www.dailynews.co.zw/articles/2014/12/06/rbz-unveils-bond-coins
https://www.thedailyvox.co.za/invisible-money-zimbabwes-new-bond-coins/
http://www.bbc.com/news/world-africa-30554000
http://www.reuters.com/article/us-zimbabwe-coins-idUSKBN0KH0DZ20150108

Why the new Bond notes won't work

Zimbabwe's government has announced plans to print "bond notes"  a type of cash that people can use for daily transactions.  However, many Zimbabweans are wary of the plan, seeing it as an attempt to reintroduce the worthless Zimbabwean dollar.

A man holding five billion dollars bearer cheques (Picture from Associated Press)

Am no Economist but I know these so called bond notes won't work for Zimbabwe. the first reason being that it is very unclear how  the backing works as the funds to back this introduction are in Egypt backed by a 200 million African Export-Import Bank facility.

Secondly this over perpetuated backing is  not said to be supported by real, its just the Reserve bank Governor John Magudya saying the loan is backed by 200 million from a bank in Egypt.  

Reserve Bank Governor John Magudya (Picture from the internet)

Thirdly, from my little knowledge the money that is backing the bond notes should be in the country so as to pay the bearer on demand. how do we pay the equivalent as it is so far away from the country.

Fourth, 200 million divided by the population of the country (almost 15 million) is equal to $13,33 before we even include the parastatals which also need a share from the 200 million facility. How will this 200 million be shared.

Fifth, how can a country known of debts be given such a facility? What or who is benefiting from this scheme. Well this is so saddening as I try to picture myself a mere student at Nust struggling to pay fees in all this mess. 

Given the history of the bearer cheques that once circulated in the country a few years back is evidence enough that this country does not need bond notes but a complete turn around from the top to the bottom for us the future to survive.

This makes me question the reasons for the chimurenga wars in Zimbabwe, is this what our grandparents were fighting for? If they wake up will they be happy with what we have done to their legacy? 

Let us join hands in providing a country that we  can all are proud to call our own. #ThisFlag.

https://www.newsday.co.zw/2016/05/23/mangudya-chinamasa-lied-bond-notes/
http://source.co.zw/2016/05/zims-bumpy-costly-road-to-a-cashless-future/

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Joshua Mhembere's story

Joshua Mhembere of Shumba District had his child sick and he went house to house asking for funds to take his child to hospital. This continued up until the son got better and he was left in debt.

He was tired of owing people money and he did not have peace of mind up until he decided to do something about it.

When Help from Germany came in with the egg production project and the Mhembere household took it upon themselves to be beneficiaries in the project with the little funds they had left.

Perpetual Nyabadza, Joshua Mhembere’s wife and 4 children adopted the Farming as a family business (FaFB) approach in their egg business after acquiring the information about the FaFB model in a workshop before they received project material.

“I am my own man, I have all I need and I do not owe anyone anything,” said Mhembere. “this my independence I owe it to the whole family as we worked and still work as a family with the young children fetching water whenever they are free from school.,” He added.

According to Mhembere for a business to be successful there is need for family trust and unit of purpose in working together so that the business grows.

Mhembere also stated that: “you do not need more than 30 birds to change your life, even with the 30 a lot can be acquired if one fully dedicates all their time and little resources.”

Nyabadza noted that for a new farmer who wants to start a business like theirs it needs a person who is ever willing to sacrifice a lot of time aside to monitor the project and there is need for unity amongst family members so that there is unity in the business.

Letticia hove's story

Letticia Hove with 2030 birds has a different story to tell. She is a widow and looks after her two children and other two orphans that she was tasked to take care of by the family.

Being a widow, no one is willing to invest in whatever project you want to start as people do not see any profits coming out of the business. With Hove it was a different case.

Hove’s brother in-law saw the potential in her project and decided to support her by buying her an additional 2000 birds in addition to the 30 she received from Help from Germany at the start of the project.

“I was blessed to have so much support from my late husband’s family, my brother in-law bought me 2000 birds,” said Hove. “He said this was a way of elevating me and make me independent and be able to look after my children.” added Hove.

According to Hove all the children who are not going to school help Hove with the daily upkeep and monitoring of the business.

She added that for one to be as successful as her in this business it needs someone who has good family relations so that even close family members can assist you whenever they can. Family is important and one should treat every individual fairly as you do not know who will help you in life.

Rudo Chinyani's story

Rudo Chinyani was tired of asking her husband for money to use for an egg business project pioneered by help from Germany (help) and she decided to do something about it.

The mother of 9 years old Kudakwashe went into the village borrowing money so that she could pay for the farmer own contribution.

Chinyani is a strong woman who did not allow her husband’s words to bring her down instead they made her stronger and she is one of the successful project participants.

“My husband used to tell me to get a towel and he carries me like a baby than to waste the little money we have on a funny project and gain nothing at the end of the day,” said Chinyani.

This all changed when her husband, Clive Tayengwa, saw the building material was delivered. He was the one who also built the fowl run.

This was a good turn in their family as everyone now has something to do in making sure the business grows.

Chinyani also added that their son, Kudakwashe Tayengwa, helps them with fetching water and picking the eggs. Clive Tayengwa changes the bedding and looks for fresh grass whilst Chinyani cleans all the feeders and drinkers.

Farming as a family business is seen by this family as the ideal working concept as it gives every individual in the family a fair chance to manage the business and it has a potential of improving their lives.

“When I started this business, I was laughed at even my husband made fun of me but look at us now we are happy as a family and we share everything. New farmers should be persistent and go for what they want and all will go well,” said Chinyani.

Nelia Mushayi's story

Nelia Mushayi is a woman from Gukwe village who stays alone as all her children are now married. She manages her egg production business on her own, little did she know that one day she will regret not involving other close family members who stay in the neighborhood.

She had the worst experience one Sunday when she found one of the birds in pieces after her new dog had torn it to pieces and no one was there to look after the birds.

“I was shocked when I found one of the chickens in pieces,” said Mushayi. “I informed field officers who gave me a lecture about the project being a family business. I later asked my daughter who is married but stays close by to come and take care of the birds whenever am not there,” She added.

She added that after involving her daughter in the business she has not had any other problems with the welfare of the birds as they are catered for even when she is not around.

The farming as a family business is seen by most farmers as an ideal model as it reduces the risks of business failure and bird mortality.

Mushayi also mentioned that in the egg production business one should be temperate when it comes to project funds.

When asked what advice she would give new farmers who wanted to start the same project she said, “People should identify market gaps as to where to sell their eggs and be ever networking so that their eggs don’t go bad at home.” “This is a good project as I had no other source of income, but now am my own boss,” added Mushayi.