Tswangirai puts weight behind
bond notes legal challenges
The Movement for Democratic Change party led by
former prime minister Morgan Tsvangirai (MDC-
T) on Tuesday put its weight behind political
parties and other individuals who are challenging
the introduction of bond notes through the
courts.
Former vice president Joice Mujuru, who now
fronts the opposition Zimbabwe People First, is
challenging the introduction of the bond notes at
the constitutional court, where her case will be
heard this Wednesday.
Harare businessman Fredrick Mutanda, who owns
FCM Motors, has also filed a high court
application challenging the bond notes, arguing
that they are unconstitutional and also in
violation of the Reserve Bank Act and other fiscal
legislation.
Ordinary Zimbabweans, with the memories of the
2008 hyperinflation still lingering, are skeptical
about the introduction of the paper currency,
which the government hopes will tackle the
liquidity crisis that has troubled the country.
In a statement, MDC-T national spokesperson
Obert Gutu said the party was extremely
saddened by the Zanu PF government’s insistence
on the introduction of the notes despite broad
disapproval from Zimbabweans.
“The position of the MDC regarding the
introduction of bond notes is very clear and
unambiguous. We are deeply opposed to the
introduction of this worthless currency that is,
in fact, the much discredited Zimbabwe dollar by
another name.
“In this respect, therefore, the MDC is in full
support of the various political parties and other
Zimbabwean business people who have decided to
take legal action against the introduction of bond
notes,” Gutu said.
He said the bond notes were likely to inflict
further suffering for embattled citizens, adding
the Zanu PF government should reverse its
decision.
Gutu said the move would lead to a shortage of
basic commodities, like what happened in the 2008
era as most importers would not have access to
hard currency.
“Against all financial and economic logic, the
Zanu PF regime has decided to introduce bond
notes into the financial system. No rocket
science is needed to appreciate the fact that the
introduction of bond notes will wreak havoc with
our economy,” he said.
He said Zimbabwe was importing more than 75%
of its requirements, making it a net importer of
goods, including the staple food maize.
“In order for the country to import food and
other essential goods, we badly need hard
currency. Bond notes are not hard currency,” he
said.
Gutu said if the government was sincere that the
bond notes were backed by a $200 million facility
provided by Afrixim Bank, it should release that
money into the market instead of printing the
“worthless” bond notes. African News Agency
(ANA)