The Reserve Bank of Zimbabwe has come under fire for various issues lately. For starters Statutory Instrument 127 (SI127) caused an outroar amongst business owners. This instrument was deemed as punishment for the abuse of the foreign exchange auction by the 18 companies that were later exposed. Instead of addressing these pressing issues, Governor John Mangudya seemed more interested in the issue of people hugging on the RBZ floor.
A new issue has been raised and citizens still seem unhappy with the RBZ’s decision. An announcement was passed that a new note is now in circulation. This note is the $50 bond note.
View the official statement below:
Some Zimbabweans were displeased by the release of this new note saying that it’s yet another note that can’t even make meaningful purchases. For instance, a loaf of bread generally costs the equivalent of US$1. Gone are the days where you could walk into a store with just a single note (local currency) and leave with bread and a few other necessities.
View similar sentiments below:
In SA the biggest note is 200 rands. The price of bread is 15 rands. You can buy at least 13 loaves from that one note. Here in Zimbabwe you can't buy half a loaf from the biggest note (ZWL$50). #ZimbabweanLivesMatter
PS: I saw this on the green app and had to copy it here.
— Prince Gora 🇿🇼 (@goraprince15) July 6, 2021
Mbuya couldn’t even be a dollar.
Kana mudzanga havasi kutenga.
Hloniphani idlozi.
— Thabani Mpofu (@adv_fulcrum) July 7, 2021
So why was this move necessary?
Well, other citizens drew attention to a previous explanation of the matter. Watch the video below:
So long story short, “it’s for easy of change.”
What are your thoughts?
Let us know in the comment section below.