Rural folks clueless on Bond Notes

While opposition parties, political and economic analysts, and ordinary Zimbabweans in urban areas have registered their agony over government’s decision to introduce bond notes, a move meant to stabilise the growing cash shortages, rural folks remain clueless on the issue.

Reserve Bank of Zimbabwe announced that it would introduce bond notes in denominations of $2, $5, $10 and $20, which would be backed by $200 million from Afreximbank. This according to RBZ governor, Dr John Mangudya is meant to curtail cash crisis in the country.

The pronouncement saw the urban population blasting government for the introduction of the bond notes as they fear the reminiscent of the 2008 era which saw shops becoming empty and hyperinflation reaching alarming levels.

However, a snap survey by 263chat in Chirumhanzu Zibangwe, revealed that rural people are clueless on bond notes.

“Are you trying to say bond coins my son,” said Brenda Masiiwa confirming that she had no knowledge of the bond notes.

She added that as  rural people they are never consulted on important issues.

“If you mean bond notes we have not heard about those. The decisions are always made at the top and information does not cascade down to us, in rural areas, so that we can also a have a say on important issues. This has always been the trend, we are a forgotten lot,” fumed Brenda Masiiwa who hails from village 16 in Chirumhanzu Zibangwe.

After this reporter explained to her about bond notes, Mrs Masiiwa was quick to reject the introduction of the bond notes stating that they would lead to the 2008 era. She said the introduction of bond notes will make life miserable for rural people.

Kelvin Mutalimange, who serve as a domestic worker in village 23, was cautious about the introduction of bond notes.

“How will the bond Notes work?” Queried Mutalimange. He fears that the introduction of bond notes signals the slow return of the past, a past which he says is not ready to face.

He added that the move was badly timed and would reactivate the black market

Some of the villagers including Apollonia Teteni welcomed the bond notes with caution.

“Ma bonds Notes tinomada but kuti tizoziva kuti noshanda sei manje hatizivi. ( we love bond coins but we do not know how they work) As long as they would not confuse us we will embrace them,” she said.

Meanwhile Zimbabwe Informal Sector’s Organization Director Promise Mkwanazi has urged all those in the informal sector to withdraw their money from the banks saying the introduction of Bond notes will see them losing money.

“History has it that when we transited from  Zim-dollar to US-dollar so many people lost so much money and it has not been compensated,” he said adding that they are saddened by the development as his organisation was mobilising members to start using banks.

This comes as a number of banks have run out of cash over the past days sending a message of a possible reminiscent of  the 2008 economic crisis and hyper-inflation era which saw many Zimbabweans losing their money resulting in pain and suffering for the ordinary Zimbabwean.

However, government defended the predicted introduction of bond notes saying the development would help stabilise the economy. Finance Minister Patrick Chinamasa, revealed that government was copiously behind the announcements by RBZ Governor, Dr John Mangudya, saying there were adequate consultations on the matter.

“The announcement that was done by RBZ   was done within the law,”said Minister Chinamasa.