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.
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| 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.
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| Reserve Bank Governor John Magudya (Picture from the internet) |
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/
