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Govt Says There Are No Plans To Phase Out Bond Notes Or To Scrap Multi-Currency System

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Zimbabwe bond notes and USD

You might have heard the reports (Sunday Mail) that the government was mulling phasing out our beloved bond notes. It was also reported that the multi-currency system will be scrapped soon. The Minister of Finance and Economic Planning, Patrick Chinamasa has released a statement addressing those matters.

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PRESS STATEMENT ON DE – DOLLARISATION

We refer to the article published by Sunday Mail on 14 January 2018 purporting that Government is phasing out Bond Notes. Let me reiterate the fact that Government has no plans to phase out Bond Notes.

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As has been repeatedly advised by Government, the economic fundamentals are not yet appropriate or ideal for the transition from the use of the multiple currency systems that is supported by the surrogate currency in the form of bond notes.

The Government is quite aware that the most important economic fundamentals that the country’ would need to achieve before de-dollarisation begins are foreign exchange reserves sufficient to cover at least 3 months of imports, sustainable economic growth path and reducing fiscal deficit to sustainable levels.

Government is placing a lot of emphasis on these economic fundamentals including enhancing consumer and business confidence under the New Economic Order to ensure that the needed economic fundamentals are met in the medium term.

Hon. P.A. Chinamasa M.P. Minister of Finance and Economic Development 
17 January 2018

 


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