Parly invites public input on bond notes

HARARE - A parliamentary panel yesterday sought public comments on a draft bill which seeks to legalise bond notes.

The views of stakeholders are being sought by November 30 on the Reserve Bank of Zimbabwe (RBZ) Amendment Bill, currently being scrutinised by a parliamentary committee.

“...the portfolio committee on finance and economic development is hereby inviting all interested and affected parties as well as members of the general public to submit their comments on the Bill to Parliament of Zimbabwe,” said a notice published by Johane Gandiwa, the assistant clerk of Parliament yesterday.

This comes after President Robert Mugabe has moved to seek Parliament’s approval a statutory instrument to legalise the bond notes.

The statutory instrument was valid for only six months, with the envisaged Act now set to give the bond notes constitutional validity after undergoing judicial review and a legislative process in line with the doctrine of parliamentary supremacy.

The development comes after the Zanu PF leader had invoked his executive powers to introduce emergency measures to shore up the surrogate currency, which will trade at par with the American dollar, in a bid to ease a worsening liquidity crunch that has heightened panic in the country.

Authoritative sources told the Daily News yesterday the RBZ has started shipping bond notes in physical cash to Harare in heavily-guarded trucks.

The transfer of currency is being handled by wholly-owned Zimbabwean shipping, forwarding and customs clearing organisation Freight World.

A specimen of the bond notes is set to be published before this weekend, RBZ sources confirmed.

In an extraordinary government gazette last week, Mugabe’s government sought to amend the RBZ Act through a bill that will be tabled in the National Assembly — in accordance with the august house’s standing orders - and scrutinised by its legal committee as well.

A new motion announced Tuesday by Finance minister Patrick Chinamasa, sought the house of assembly’s approval of the fast-tracking of the RBZ Bill, but the opposition immediately opposed this, with the Speaker Jacob Mudenda saying the discussion would have to wait until the minister moves the motion.

The Bill can be downloaded on Parliament’s website.

The envisaged process follows Mugabe’s publication or issuance of statutory instrument 133 for the legal tender to trade along nine other foreign currencies.

As the contestation around the bond notes continue, lawyers Tererai Mafukidze, Tendai Biti and Dzimbabwe Chimbga have mounted a legal challenge against the Central Bank initiative and describing it as a “troubling, bad and terrible economic” gimmick meant to pave way for the return of the Zimdollar.

However, RBZ governor John Mangudya has continued drumming up support for the currency and insists the ‘money’ does not signal the return of the derided currency.

The new notes, it has been announced, are backed by a $200 million facility from the African Export-Import Bank (Afreximbank) of which Zimbabwe is a shareholder.

Mugabe and his Zanu PF have pushed for the law, in part to try to circumvent a biting liquidity crunch, as banks have run out of greenbacks and resulting in further cuts of amounts dispensed to customers.

Comments (16)

whether the bill is passed in parliament bond notes will just come to make people poorer. There is no guarantee that when you accept these bond notes u can change them for US Dollars. I will not accept bond notes, that is my right, full stop.

Bonganilishe - 24 November 2016

Bond notes should never have been considered for any consideration as currency. Economic that affected the functionality of the ZWD in the first palce have not changed. Calling any ZWD origin currency any name does not address the issues. They can call it a pound or yuan, but that does not mean anything its still ZWD currency since it can only be used in Zimbabwe and can not be exchanged for any value on any exchange. The unfortunate thing is that Robert Gabriel Mugabe will never use the bond note, to test the medicine Mangudya and Chinamasa, must demonstrate the functionality of this currency by earning it themself and use it until 31 Dec 2016. The market will tell them how stupid it is for them to ever conceived the idea.

amina - 24 November 2016

Ladies and gentlemen you just have to listen to Chinotimba's explanation on bond notes. I tell you after watching that video,you will be convinced these bond are a SCAM!

Young Zimbo - 24 November 2016

Why put the cart before the horse? How dare you want public opinion when you have already printed the surrogate currency? The opinion poll should have come before production of the notes. If public opinion is anything to go by in this case, I'm sure you already know what the public thinks...BIG NO., but, because you have a missing page in your document to legitimize the bond note you will doctor the poll to appear as if 90% of us are in favor. Don't waste resources carrying out this poll, just go ahead and publish, yes "publish" the "bond paper" and see it for yourself. Where in the world does a national poll of such importance and magnitude take place within a week? We know you already have the results...just like how you rig elections. IT'S SHAME!

Hwacha - 24 November 2016

Foolish a matter of putting a horse before the cart.How can one seek views on a bill which is already law?The introduction of bond notes is a concluded affair since they would circulate next week.

Gen. Spinola - 24 November 2016

When the deal has been done you ask for opinion from the gullieable

Mukanya - 24 November 2016

kudos to parly!!!!now this is what we call an arm of the state,consultation is is only way foward and i applaud parliament on this wise move,better late than never,i keenly await my opportunity tomake presentations to the peoples representatives on why we need bond notes especially we the hardworking zimbos who export,parly thanks for the platform

truth - 24 November 2016

Why seek the public opinion only now when measures have been put in place what double standards

Leopard never change their spots - 24 November 2016

There is correspondence from me to the Govenor in relation to the BondAGE notes he wishes to release on us. When God speaks he says what he means and he means what he says, and so far the prophetic words given for Zimbabwe HAVE come true, and will continue to do so. Why close the stable door after the horse has bolted? Would public opinion count after everything has been said and done? Isaiah 63:10. His Messenger

Pastor D. Phillips - 24 November 2016

chinamasa and team are so confused to think that we forgot that they said now is not the right time to introduce the local currency. The are not intellectuals. Tell me ,how could they fail to foresee the implications of the the liberal circulation of the US $100 notes to attract externalisation.Where are the small denominations of the greenbeck. we are being led by fools

mutsauri - 24 November 2016

guys allow the bond to come then you will see effects probaly it works thank you

MATHS - 24 November 2016

Hey Daily new, your headline story Chimoio massacre credited for war vets acquittal"is not opening why can you check????

Chido - 24 November 2016

Why try to consult the people now when the bond notes are ready for distribution. Shouldn't the consultation process have preceded anything else to do with the bond notes. We are beiing governed the wrong way round. It should be consultation, consensus, implementation (in that order).

machakachaka - 24 November 2016

kwavakuita kwevashaya kutsvaga uta nemugate

t1 - 25 November 2016

Bond notes are being shipped into the country. So why holding a meeting which includes the public for them to have a say? While the results are OBVIOUS that bonds notes are by no way going to be used. Useless meeting I say

blessed - 25 November 2016

BOND NOTE WHERE REJECTED LONG BEFORE YOU PRINT THEM SO WHY ASK US NOW WE DONT WANT THEM AND WHAT ARE YOU GOING TO DO WITH THEM

psp - 25 November 2016

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