advertisement

98% Of Zimbabweans No Longer Want Bond Notes, 48% Favour Return Of Zim Dollar: Afrobarometer Survey

advertisement

As Zimbabwe continues to try to figure out the right formula to revive its economy, one of the most polarising issues is the issue of currency reforms. Some are of the opinion that Zimbabwe has to do away with the bond currency and adopt the South African rand or getting rid of bond currency and start to use US dollars only and some saying that a new Zimbabwean currency has to be introduced.

advertisement

What better can tell us about the polarisation than a survey. Research organization the Mass Public Opinion Institute carried out a survey and found that 98% of Zimbabweans are against the continued use of the bond notes.

Although I wasn’t one of the surveyed population, I would have been part of the 98%. This is because I don’t think the bond currency has done more good than it has done harm to ZImbabwe. Ever since the bond currency entered the scene, cash burning has proliferated and EcoCash agents have started to charge excess fees for cash withdrawals. Since the bond currency was introduced in 2016, inflation has been on an upward trend owing to the increase in the money supply. In economic theory, most scholars agree that inflation is mainly caused by an increase in money supply and reduction in output, which perfectly fits our scenario in Zimbabwe.

advertisement

Other findings from the research

Asked which currency their country should use, Zimbabweans prefer the U.S. dollar (50%) or the Zimbabwe dollar (42%). Fewer than one in 10 would opt for the South African rand (5%) or for continued use of bond notes (2%).

The U.S. dollar is most popular among urban, younger, and better-educated citizens, while the Zimbabwe dollar wins out among rural, older, and less-educated respondents

  • Significantly more urban (59%) than rural (45%) respondents prefer using the U.S. dollar, but preferences are reversed with respect to the local currency: More rural (47%) than urban (33%) residents prefer using the Zimbabwe dollar.
  • The preference for the indigenous currency increases with age: While only 36% of the youth say they want the Zimbabwe dollar back, this proportion rises to 45% among the middle-aged and to 54% among the senior generation. On the other hand, the preference for the U.S. dollar declines with age, from 56% among the youth to 41% among the elders.
  • The Zimbabwe dollar is least popular among those with post-secondary education (33%), compared to 53% among those with primary education.

A preference for using the South African rand is significantly stronger among residents of Bulawayo (14%) and Matabeleland South (13%), near South Africa.

The man, who some think is the savior to Zimbabwe’s economic woes, Finance Minister Professor Mthuli Ncube could hear the prayers of many Zimbabweans after he promised to remove the bond notes by year end.

Just A Reminder

Buy the The Payments Systems Environment In Zimbabwe Report now for US$9.99 ONLY using EcoCash.

Enter email address to send the report to

Enter EcoCash number

Check your phone and enter your EcoCash PIN to confirm the transaction.

If you are on a smartphone and the payment is not working, please click this link and try payment again once. Please note that this is a new payment method so if you encounter a problem, get in touch with us on WhatsApp by clicking this link.


Quick NetOne, Telecel, Africom, Econet Airtime Recharge


WhatsApp Discussions

Click to join a Techzim WhatsApp group:
https://chat.whatsapp.com/KUBCXUZQEsQBGzP2d2EiCr

If you find the group full, please notify us on +263 715 071 199 and we'll update the link.


8 thoughts on “98% Of Zimbabweans No Longer Want Bond Notes, 48% Favour Return Of Zim Dollar: Afrobarometer Survey

    1. That’s the question I was also asking myself. Apart from the name and some mumbo jumbo technical nonsense they would likely dream up to differentiate Zim dollars and Bond notes it is the same thing to me. This is the problem with Zimbabweans, some times we are too educated for our own good.

  1. The Zim dollar is the best solution.The USD is not sustainable in the long term and will only lead the country deep into debt and make exports expensive.

    Outside politics and what people may think introducing the Zimbabwe dollar is the best solution out of the mess we are in. I am prepared to defend this view and here are some of my reasons.
    -Joining the rand monetary union does not make any difference as our exports are still suppressed and thus it will not lead to a surge in exports. Production is still low and this will not change by joining the rand monetary union.
    -Joining this will again eliminate the need for a major function that RBZ is doing which is just insane considering we have the potential to be on the same level as South Africa.
    -The USD is mainly used as a reserve currency and continuous daily use of this is just not sustainable, it is insane in my view.
    -Continous use of the USD is going to increase the domestic debt for government.Simple logic if we have 4billion is usd on the black market factor the USD to the bond note and all the illegal transfers being done.All this money is fictitious money created out of nothing i would estimate the RTGS to be sitting at over 6 billion usd which the banks or the government have to cover.If the bank cover this a good portion will go out of business.Government will have to pay this and guess who is going to fund it yes the taxpayer

    The Zim dollar is the best option its a matter of how its introduced and i think the govt can look at the following;
    -Tight fiscal discipline including cutting a huge chunk of the civil service (painful but necessary)
    -Build gold reserves and have the zim dollar introduced on the backfoot of this.
    -have tighter forex allocation and monitoring
    -go cashless in all government departments

  2. I think gvnt can introduce the zim dollar old ones those $2 and pangoline coins those money was powerful even the world knws abt those currency . Pls the minister think about it . May b it wil help us also to bring back our economy. Raheem /kadoma

Comments are closed.