Bond notes concept needs maturity, calmness
EDITOR — Out of interest I was compelled to go back to the origins of banking, it started off with precious metals like gold as currency.
Holders of gold deposited it with merchants and were issued with receipts.
The receipts started exchanging hands as a means of payment or medium of exchange, store of value and measure of wealth (money) for as long as they were authentic and were backed by gold kept by some merchant.
One may borrow the same concept and argument around the introduction of bond notes.
Every account in Zimbabwe has US dollars or other currencies included in the basket of currencies. It therefore follows that our gold (US Dollars in our bank accounts) can be represented by receipts (bond notes) for purposes of convenience and trading locally without prejudicing anyone.
The bond notes, even at 200 million are just a fractional representation of the total gold in our bank accounts, let’s embrace them.
Our duty is to be responsible citizens both individual and corporate. While speculators are a necessary evil, let our speculative actions be helpful to the market and not harmful.
It may be time for us to trust government and for government to build trust levels among a largely pessimistic populace. Our government has a greater role to play in all this. Nyakuviruka