By Ngoni Shumba.
MUTARE, Zimbabwe. (News Of The South) – Never one to shy away from controversy, self-confessed Zanu PF sympathising cleric and Destiny of Afrika Network (DANet) founder Obadiah Musindo has lauded the controversial injection of bond notes amidst protests and legal suits as heaven sent to cure the country’s crippling cash crunch.
Speaking on the side-lines of an annual progress meeting with beneficiaries of his private social housing scheme in Sakubva over the weekend Musindo said Zimbabwe would experience an economic boom in the coming months if the controversial initiative which he described as divinely inspired was given time.
”We are going to have a huge financial breakthrough next year in-terms investments, in-terms of, stability. God is going to use those people (RBZ governor John Mangudya and Finance minister Patrick Chinamasa) to stabilise the economy of this country.
“In fact, what people don’t realise God notices strategy, a good strategy to me a pastor to thwart the activities of the devil like people who were taking away, money out of the country, just check
around this time next year Zimbabwe will be okay,” Musindo said.
The Reserve Bank of Zimbabwe (RBZ) introduced bond notes under an export incentive facility guaranteed by the Africa Export Import Bank.
Bond notes are however being suspiciously viewed as an unofficial kick-start currency although they are being marketed as meant to ease the country’s liquidity crisis.
RBZ governor Mangudya describes the local notes as vouchers meant to boost exports and generate foreign exchange.
Mangudya maintains that the country will also continue to use the dollar and other foreign currencies.
There has been a lot of resistance to the bond notes with Zimbabweans expressing concern on the bond notes which they say could open the door to rampant printing of cash as happened between 2006 to 2008, when hyperinflation reached a peak, wiping out savings and pensions.
The authorities are however keen to stress that the bond notes are not an attempt to sneak the Zimbabwean dollar back into the country and they say they will only print $200 million worth of them.
Leftist economists however are condemning the move as something meant to cover up government’s ruinous policies which can only be cured by strengthening the multi-currency regime through increased production.
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