Zimbabwe: Cross-Border Traders Seek Dialogue On Bond Notes

Cross-border traders have urged the Reserve Bank of Zimbabwe (RBZ) to have consultative meetings with them over the introduction of bond notes and their implications to their sector.

Zimbabwe Cross-Border Traders' Association president Dr Killer Zivhu yesterday said cross-border traders were important in determining the fate of bond notes, hence their views should be addressed.

"RBZ has to consult widely with the people on the street, particularly cross-border traders. They are the people working out to make sure bond notes will succeed and also because of political differences in Zimbabwe and international intervention by some organisations," he said.

"If the RBZ does not meet these people who use foreign currency on a daily basis, there will be great challenges on the bond notes because, already, some people are waiting for the slightest opportunity to see the bond notes faltering."

Zimbabwe: Cross-Border Traders Seek Dialogue On Bond Notes

Dr Zivhu said addressing some issues concerning traders before introduction of the bond notes would help avert the economic crisis experienced by Zimbabwe during the bearer cheque era.

"We know very well that the RBZ governor works with the finest economists in our country, but if some issues are not addressed, the bond notes will still crash in broad daylight," he said.

"This happened before, and we tried to knock some sense into the RBZ before Dr Mangudya's tenure, during the bearer notes, but some people did not listen. They crashed and we ended up losing billions of notes. This is our country and every Zimbabwean is working hard to see a better Zimbabwe."

Dr Zivhu said Government should also be prepared to curb parallel market activities.

"Issues of black-market need to be addressed first before the introduction of bond notes, and we call on the RBZ to engage us on this because we know how it can be avoided and at the same time, we should reach a compromise position with Government," he said.

He said ideas from ordinary people on the street should always be considered as they usually determine what the majority believes in.

Dr Zivhu said bond notes were a lasting solution to the country's cash crisis that should be carefully handled to avoid worst case scenarios.

In a brief response to questions seeking his comment on the matter, RBZ Governor Dr John Mangudya said he would be glad to discuss the matter with the cross border traders' association.

Source - The Herald