Demonitize the bond notes and adopt rands and US dollars in Zimbabwe

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Dear Zimbabweans, lets join hands in signing this petition for the removal of bond currency and adopt the South African rand and /or US dollar with immediate effect. This petition is to be presented to the President of Zimbabwe together with the Finance Minister and the Governor of the Reserve Bank of Zimbabwe and we are going to demand action. It is clear that the bond currency has not done any good than it has done harm to the Zimbabwean economy. Ever since the bond currency entered the scene in 2016, the following has happened;
Cash burning has proliferated and ecocash agents have been charging excess fees for cash withdrawals.

Our RTGS balances cannot make online payments or cash withdrawals.

Inflation has been on an upward trend owing to the increase in the cash demand. The rate of inflation is so volatile that it is difficult to put an accurate value on our stocks at the moment

With the economic meltdown, every business increasingly wants payments to be made in U.S. dollars. Pharmacies no longer accept medical aid (insurance) or bond notes and so are most service providers.

With the Bond Notes, all pension funds, insurance companies, savings and bank balance sheets were ruined.

Price hikes have been caused by the expensive cost of buying the US Dollar on the black market since we are now importing more than we are exporting.
The hard truth is that Zimbabwe’s economy will get worse unless and until we remove bond notes. The only thing to do is to demonetize the bond notes. The bond note has taken away investor confidence. We need to go back to full dollarization, where we have U.S. dollars, then attract investors because they gave certainty in your currency.
Recently Finance minister Prof M.Ncube presented a National budget which was based on US dollars. When doctors and all other civil servants demanded their salaries in US dollars they were legally supported by the Parliament of Zimbabwe which passed the 2019 budget in USD and not in any other currency. The budget allocation for salaries for civil servants is in US dollars. It is justified for doctors and other civil servants to demand that which the parliament of Zimbabwe passed.

The ridiculous idea that a Cow is equivalent to a Goat narrative that has been sold by the RBZ and the Finance Minister, Mthuli Ncube is ridiculous. Recently, the President came out issuing new fuel prices showing the fictitious parity between the Bond Note and the US Dollar. Fuel now costs $3.30 bond notes or USD $ 1.15 yet the government has the audacity to maintain the position that the bond note is equivalent to the USD. Its high time this government realize how liquid capital markets operate and not try to command them with slogans or delusionary aspirations that are not backed up with robust action.

Yours sincerely
Obert Kondongwe 

Legal Attorney, Harare

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