Shops Not “Yet” accepting bond notes


Major shops in Harare are not yet accepting bond notes which started circulating today saying they are not yet familiar with the note’s security features .

There has been a lot of skepticism concerning bond notes’ counterfeits but the central bank assured people there won’t be such incidences.

“We are not yet accepting bond notes as we are awaiting the security Chart from the Reserve Bank ,” said one till operator at OK Zimbabwe in Harare.

A survey done by this writer shows that at the moment the only people accepting the bond notes are the only ones who have been given by the banks as a number of shops are not yet accepting them for undisclosed reasons.

Banks are not also helping issues as all they are issuing today are the bond notes with no USD dollar in sight ,a situation which has left a number of people confused as to what the purpose of the bond notes are supposed to save.
Critics have nabbed on RBZ saying the central bank did not do a good job on advertising the bond notes .

Major banks today are rolling out only bond notes amounting to $50 while no USD notes are being issued out today except for elite banks which are out USD$50 and 50 bond notes per individual.

With large queues outside banks seen this morning would suggest Zimbabweans are rather hopeless if the notes will solve their crises of if they will ever see the US dollar again.

“We were told the bond notes are for solving the ash crisis but it is the only money we were given today at the bank. I was only given 50.They have not revised the withdrawal limit. So we are confused,” said one client at CABS

The bond notes have been issued using a statutory instrument under the Presidential Powers Act.

According to a statement issued by the central bank the maximum withdrawal of bond notes is 50 per day, 150 per week.

‘‘The bond notes will be released into the market through normal banking channels in small denominations of $2 and $5 to fund export incentives of up to 5% which will be paid to exporters of goods and services and diaspora remittances.’‘ said RBZ in the statement.

Already money changers have started pegging the rand at 1;3 leaving many people wondering what will be the rate at the end of the week.

Source : Newsday