Zim Metro

We Are Not Bringing 2008 Situation: RBZ

The Reserve Bank of Zimbabwe governor, John Mangudya has retaliated that the government is not bringing back the 2008 situation, amid the vehement rejection of bond notes by the public. 

Zimbabweans were thrown in a frenzy of panic after an announcement by the RBZ to bring bond notes into circulation, a move which most interpreted as the coming back of the dreaded Zim dollar.

Mangudya said the move by the RBZ to introduce bond notes was targeting the revitalization of the economy and countering the credit crunch that has gripped the country.

He went on to highlight that fears of the 2008 hyper-inflation return should be put at ease as RBZ has no plan of continuously print bond notes as what was done by Gideon Gono under the same Zanu-Pf led government.

RBZ in its announcement had sighted that the bond notes were being printed in Germany, which Mangudya said would serve as a self-checking mechanism to make sure they do not print more notes above the $200 million Africa Export-Import Bank facility so as not to trigger inflation.

Zimbabweans lost all their savings in banks during the dollarization of the economy. In dealing with fears relating to loss of savings during the launch of the bond notes, the governor said that the bond notes will not change the banking system but will use the same USD accounts that have been in use since 2009.

“The bond notes, like bond coins will be at par with the US dollar and would be banked in USD accounts just like what is happening with bond coins at present.”said Mangudya.

The RBZ announcement on the introduction of Bond coins has seen a mass upheaval on social media, with some economists claiming that Zimbabwe is headed back to 2009. 

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