Banks, informal sector central to bond note success
EDITOR — There is panic among many people of Zimbabwe over the impending introduction of bond notes.
There have been reports that some people have been trying to empty their accounts, in case bond notes substitute the US dollar in circulation despite assurances by the RBZ chief that the multi-currency system will remain firmly in place.
Small to medium enterprises, especially those in informal sector where in most cases the float is not bankable, need a clear picture on the fundamentals of the bond note.
This is because they provide a fertile ground for illegal money exchange due to the availability of disposable cash on their part.
Of course, there is lack of trust and confidence within our economy and the public are always in panic each time a new innovation is brought forward.
Banks hold a central place in the bond note’s journey to acceptance. As such, they should take note of public concerns, fears, anxieties and scepticism over bond notes.
Also they should guarantee and assure exporters and importers of goods on the reliability of the use of plastic money anywhere in the world at any time.