By Takunda Mandura
Zimbabweans are scared of a repeat of the economic meltdown as was in 2008 .This fear comes after the Reserve Bank governor, Dr John Mangudya announced the introduction of bond notes which would be at par with the United States Dollar (USD).
At a roundtable discussion held at the Media Centre in Harare , opposition parties took turns to condemn the proposed policy changes by the government of Zimbabwe.
People’s Democratic Party spokesman Mr Jacob Mafume said “He is saying he is producing bond notes which are backed by a yet to be given 200 million dollar facility by African Export –Import Bank (Afreximbank).The question is why don’t you just put the money into the market if you have it. They are trying to devalue again the dollar and create a currency. All they are trying to do is to reintroduce the Zimbabwean Dollar by either name.”
The Reserve Bank of Zimbabwe say introducing the Bond Notes will prevent the money from leaving the country.
Movement of Democratic Change (MDC-T) spokesman Mr Obert Chaurura Gutu expressed his displeasure with the country’s economy. He said the country has a high import bill as compared to export bill
“It’s just a question of the law of supply and demand, we have an economy here that is producing very little, that is exporting very little, if we look at our imports bill and you compare it with our export bill, there is a mis-match . He said.
“This economy is in deflation mode and that’s why you look at official inflation figures and see they are in the negative -2.18%. Its incredible, it means we are in a serious deflation mode at the end of the day. So long we are not producing we are not going anywhere” he added.
A survey in the streets of Harare showed that Zimbabweans are afraid of the 2008 hyperinflation era which saw the shop shelves being empty.
Although Dr Mangudya denied the government was introducing the Zimbabwe Dollar the public fear that the introduction of bond notes is a way of introducing the unwanted Zimbabwe dollar.
“When the bond note comes into circulation this would be a way of saying goodbye to USD as the country imports more than what it exports .The bond notes will not be used in other countries by this virtue the country will lose all its forex (USD) in the importation of goods” said one forex dealer at Roadport.
Despite assurances by the government that the Zimbabwe Dollar is not being brought back the public remains suspicious of the government’s intentions.