The Reserve Bank of Zimbabwe has revealed that all bond notes issued by the bank and in circulation are still legal tender.
This comes after the refusal of $5 bond notes by a number of traders for payment of goods and services.
According to the central bank governor Dr John Mangudya, those affected by the malpractice should report to the nearest police station. He said that the Financial Intelligence Unit (FIU) is still investing the issue.
“Such practice is not only counterproductive but also criminal.
“Those affected or inconvenienced by this malpractice should report to the bank or the nearest police station.
“The bank urges all traders to conduct their operations within the confines of the law and respect consumers, “he said.
Responding the announcement on the Central Bank Twitter handle, a number of people revealed that the notes have no value considering the rate against the United State dollars .
Below is a thread of some of the responses
“Whoever had thot to in slide on our bond on 1:1 hanging between the basket of currencies had done a good job I still wanna shake his hand 50c was worth busfare I like how bond silenced ts critics,” posted @21 Gunzandroses.
“You investigating the $5 yet the coins and the $2 note have long since died,” replied @Arnold .
“But do not forget $5 zwl is almost 5cents in usd. As much as it must be accepted as legal tender you must also consider its value in the market. What can it buy considering prices of goods, if yu need 3 x $5 zwl notes to buy just a lollipop.,” said @ Chabvawedu.
“You’re treating the symptom not the disease me thinks. Question is WHY are they rejecting it. Why aren’t you investigating/considering that as well?,” asked @Zithelo.
“Economics have lost its principles @ReserveBankZIM. One of the characteristics of money is acceptability. It must be generally acceptable not by means of a memo. If one falls away it’s not money anymore it’s something else!,” said @Senior
