By Pearson Mbendera.
Harare, Zimbabwe. (News Of The South) – The move to introduce the bond notes into the economy has been heavily criticized by many people, but the RBZ went ahead with the move they had announced in May, and on Monday 28 November 2016, bond notes were issued into circulation. But the question is, what will happen if they actually work?
Pegged at par with the US dollar, the bond notes have been heavily criticized since the day the idea of them was presented to the public. And today, after they have been introduced, they are still making headlines, with many predicting their failure, and no one really rooting for their success other than members of the government.
It isn’t the bond notes that the people are skeptic of, it is the government and the RBZ that the people don’t trust. In the past, the government hasn’t been forthcoming in its dealings with the public in all matters economic, and before the nation resorted to the use of the multi currency system, the then RBZ governor Dr. Gideon Gono was notorious for printing the Zimbabwean dollar which was the most useless currency in the world in a hyper inflationary period.
But it just wasn’t the value of the Zimbabwean dollar that was bad, it was also the many reports that the useless currency was being illegally injected into the economy before people got hold of it, thus, by the time people got the first notes from the banks, the money would have lost value already, and some would have profited from it. And with that sordid history of the RBZ, the skepticism on the efficacy of the bond notes was questioned. Truth is, people do not trust the RBZ or the government.
Dr John Mangudya, the RBZ governor had asked for people’s trust in this endeavour, which seemed a little too much since the bond notes were kind of forced on the people.
The fining of POSB after some of its employees took pictures of the bond notes before they were released to the public and the apology of Askeland Media, the company responsible for the RBZ billboards that had some spelling mistakes on them, it seems as if RBZ is trying by all means to make sure that it earns the trust of the public, having asked of it so many times.
But people have to note that should the bond notes fail to work, it might spell the end of the ruling party as it won’t be the cash shortage crisis we will face but the collapse of the whole economy. It will be hard to trust the government then, and it is the scenario most people in the opposition are rooting for. While it may seem obvious what will happen when they fail to work, it is interesting to know what will happen should they work.
The economy of the country has been under performing for long, and the cash shortage is just one of the many problems we have been facing.
Correcting the cash shortage is just one thing, the economy needs some serious attention. But should the bond notes work, maybe they might just buy the people’s trust of the government.
But we shouldn’t be having a cash shortage problem. In this day and age, people shouldn’t be so attracted to the physical form of money. Money is money,and it doesn’t perish just because it has come in a different form, but it will take a while to get that message across.
The government has been criticized for coming up with policies that don’t work, and those that have opposed the government are hoping that the bond notes will be another one of the government’s failed projects.
The government’s inability to address the problems the people are facing has given opposition parties and some political activists something to build they profiles on. But should the bond notes work, it surely will change everything.
What will everyone rooting for the failure of the bond notes say if they work? Will they still go against RBZ on the same issue, or will they divert their efforts on something else. We have too many problems, thus, there will be plenty to protest over.
They may work, chances are there that they may ease the cash shortage crisis. Coupled with the use of plastic money, the Zimbabwean people might just stop crying over the cash shortage. While we have a lot of problems we are facing right now, there shouldn’t be any fuss over cash.
The greatest threat the bond notes will face is the people as there are some who are hellbent to see them fail. But can we blame the RBZ and the government for people’s manipulation of the value of the bond notes on the black market? It doesn’t seem fair, but it will be interesting to note what the people will say if the cash shortage problem comes to an end. Surely the government has been blamed and criticized a lot, will people take a break? That remains something to be seen.
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