Punish money changers severely

HARARE - The introduction of bond notes has, without doubt, evoked the 2008 memories, as more and more people remain sceptical over the surrogate currency’s value and if it will last the distance, considering the profiteering mentality prevalent in Zimbabwe.

It is government’s duty to put measures that will ensure that the currency is not abused by money-changers, who were obviously waiting anxiously to pounce and return the country to the cross-rate era when they lived as kings.

Government, with assistance from the police, must guard against hoarding of bond notes for speculative purposes and that if there are unscrupulous elements who want to benefit from the circulation of bond notes, they should be punished severely because they can not let people openly brag about their shoddy dealings.

Government should pass custodial sentences on persons caught on the wrong side of the law and we suggest severe and brutal sentences to send a clear message to anyone who may wish to do the same.

It is therefore imperative for government to be the regulating authority in terms of the exchange rate if ever it decides to depart from the original and current arrangement of equivalent value between the US dollar and bond note.

Government must ensure that only regulated authorities are platforms for currency exchange so as to protect the value of the bond note.

Yesterday, there were reports that some outlets were not accepting the bond note, while others were allegedly already inflating the exchange rates.

If this is not curtailed, there is no doubt that the clock will immediately tick back to 2008, a period characterised by shortages of goods in shops while the cash crisis will remain.

It feels like deja vu for Zimbabweans, who speculatively assume they are walking down the same road as before, creating more need for government’s protection and assurance that the bond notes will not destroy the economy further.

Although in its recent press statement, the Reserve Bank of Zimbabwe announced that the abuse of the bond notes will be a criminal offence, and provided a toll free number to report such abuse, the central bank still needs to do more to protect the value of the money.

A new law must be put in place, with a mandatory sentence if possible, for those found abusing the money by inflating the exchange rate in order to deter would-be offenders from creating fictitious rates on the black market.

Government must also urge people to use the Point of Sale system, which will increase the use of plastic money.

This will also starve off the need to exchange bond notes on an inflated value against the US dollar.

Comments (9)

Dear Mr Reporter So you want to criminalise currency trading. Currency trading is a legitimate way of doing in the world and is the biggest section of financial market. 4 trillion dollars is estimated to be daily in this market. And you think you will win this game?

Xoli - 29 November 2016

Why punish money changers?? Lets start at the top of the food chain.....punish those who have spent on behalf of gvt that which the gvt did not have. Punish those who have created conditions for moneychanging. Punish those who have ruined this blessed nation to their selfish gain. Punish those who have made industry grind to a halt.... once you are done with those, then you can punish the jobless moneychangers who would be fully engaged in employment had it not been for zanu pf ruinous policies.

Yenzile - 29 November 2016

And again Yenzile, these moneychangers are just employee's of these same bafoons who are talking nonsense. They are exchanging the stolen money by these ZANOIDS, who employ them to do the dirty job for them.

mj - 29 November 2016

In Zimbabwe there is no follow up on the law by the way the Money Changers are employed by the bigwigs. Where on earth will these people at roadport and all other city streets get cash for exchange. This shows they are directly connected to banks and big guys in the systems. If it is correct that by yesterday 1000 bond notes were exchanged for 700 usd it clearly shows we are not going anywhere. It all comes to the problem of corruption the President has failed to address. Let us wait and see what is going to happen but we have dismally failed to run our country.

Mutungagore - 29 November 2016

it will be great if these money changers are dealt with or crushed the same way demonstrators were crushed by our useless police

jet li - 29 November 2016

Money changing was profitable during bear cheque era. The bafoons offloaded the useless bearer cheques in exchange with foreign currency. This is now the exact opposite. One is now giving the money changer Bond note to be given foreign currency. So what is the benefit of collecting bond notes if they are useless? Iwe wapihwa mabond uchipa munhu ma$USD,saka unozomadii mabond acho? Kuita change money mukore uno is a sign of stupidity and desperation. Leave the gazetted rate and it will work.

Bond Coin - 30 November 2016

They will never be dealt with because they are employed by those occupying so called high office in ZIM. And in any case dealing in forex is not a crime, perhaps only in ZIM.

No pun - 30 November 2016

As long as my bank will give me at par my bond notes for US dollar when I want to go to Botswana or South Africa to do my procurement, to obtain better health services then I won't buy on the parallel market. But if I need US dollars urgently for medical treatment or otherwise and am unable to get from my bank. Would it be criminal for me to sell my valuable bond notes?

Currency Man - 30 November 2016

Punish Moyo for stealing 500k.

Young Zimbo - 30 November 2016

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