Bond notes rejected by retailers as redollarisation takes shape

The issue of the rejection of bond notes and coins by most retailers and business people has caused outrage. This has led to most people speculating that the return of the use of the multi currency system is imminent. Consumers woke up to a shocking discovery this week as retailers refused to accept born notes and coins.

The worst hit group by the new development are vendors who would have kept their bond notes and coins in anticipation of going to buy goods for resale. They were slapped by the harsh reality that these notes and coins are no longer accepted in most shops.

Indian, Chinese and even local shops have been turning people with bond notes away. Even after the RBZ issued an official statement that the notes are still legal tender, there has been no compliance. The only places where the notes are accepted are in Zupco buses and major supermarkets such as Pick and Pay.

Although the finance minister abolished the multi currency system lat year, most retailers have been selling their goods in US dollars. In a shocking turn around, the government has now directed retailers to display prices of goods in both rtgs and US dollar currency. This has led to most people questioning “is the country redollarising again? Fuel at service stations such as Zuva is now being sold in US dollars, prices of goods are now priced in US dollars and even vendors are selling their wares in the US dollar. The bond notes and coins have been rendered useless and one would need a huge bundle of notes to buy a single loaf of bread.

Civil servants were recently ordered to open Nostro accounts so that a covid allowance in US dollars could be deposited for them. The issue of shops abandoning the use of bond notes has since become a topical issue especially for those that would have kept their hard earned cash.