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Zimbabweans say no to bonded coins
13/12/2014 00:00:00
by Staff Reporter
 
No capacity to say no to government ... RBZ
 
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MOST people have criticised the government decision to introduce bonded coins saying the move could be a way of trying to bring back the Zimbabwean dollar through the back door.

The MDC-N led the criticisms saying the people have neither ‘confidence’ in the Zanu PF government policies nor “faith” in the Reserve Bank of Zimbabwe (RBZ).

A statement from the party said the move by the RBZ was “short term and appears to come a little bit late” because “a survey within the retail sector will show that there had been a major improvement in coins especially rands.”

“The decision in our view is trying to fix a problem that the people of this country had fixed on their own since this country has been for a long time and continues to operate on an autopilot basis,” the statement said.

The party said the people’s fears were “not misplaced as ordinary people and organisations lost millions of US dollars through the abuse of the central bank by the Zanu PF regime.” As such, the party said, there was no guarantee that the RBZ has the capacity to say no to a clueless Zanu PF government if it is ordered to produce more coins and even raid people's accounts.”

Some people who spoke to NewZimbabwe.com said when John Mangudya the RBZ  governor announced the coming of bonded coins last week they were reminded the Zimbabwean dollar which was discarded in 2008 at the height of the record breaking inflation.

Mangudya announced that Zimbabwe will receive $10 million worth of bond coins which will translate to 2% of total banking deposit. He said the coins, which will be issued in 1c, 5c, 10c, 25 and 50c, will not be Zimbabwean coins but some people fear that was a way to allay fears as government begins an exercise through which to test if it can with time reintroduce the discarded currency.  

The fear of the return of the Zimbabwean dollar stems from the fact during the campaign period for the 2013 harmonised elections President Mugabe promised his supporters that once in power his party was going to reintroduced it.

At the time, Mugabe claimed that ordinary people were suffering because of the multicurrency regime. But this week people said they were going to reject the coins and prefer to take sweets instead of accepting the coins as change from the stores.

One supermarket manager in Harare said retailers were going to find it difficult to convince people to accept the coins.



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The manager said: “The government should have just let the currency situation continue like that because like us, most shops now have coins to give customers as change, gone are the days of giving them sweets or maputi  and ball point pens as change,” he said.

 


 
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