Banks, in­for­mal sec­tor cen­tral to bond note suc­cess

Chronicle (Zimbabwe) - - National News -

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.

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