Zimbabwe bond notes – a big lie and a fraud!


A frustrated Guvamombe made the following remarks: “Both the RBZ and the police are defeating the course of justice. They have taken away our exhibits and we are left with no work to do. In future you should know that exhibits are court property and should not be disposed until the matter is finalised. The RBZ should not be used by the police to frustrate our cases here and I do not know how you should communicate this among yourselves.Why are you not keen to investigate the big fish as opposed to this youthful lady? You are not interested in getting the barons. If you are after the cash barons why bring “runners” like this 24-year-old lady. If I was in your position, I would have investigated the leakage. It is clear that there is no way this woman could have possessed the cash without getting it from the RBZ. You should have the same zeal in investigating the source that you had in dealing with Mutekede’s case. I expect speed and diligence in matters of national interest like that.”

In short, the people of Zimbabwe were robbed and pauperised.

It’s clear that the RBZ transferred massive values from the people, giving them worthless paper with a shocking number of zeroes.

This is no joke – people died because they could not access medicines, surgeries and basic health care while others were malnourished.

Yet the same players who ran the RBZ still do, except with the exit of Gono himself, Munyaradzi Kereke, Charity Dhliwayo and the entry of John Panonetsa Mangudya and Khupukile Mlambo.

By May 2016, Zimbabwe was in the midst of a stinging cash crisis, with bank queues outcompeting the queues of rural villagers lining up for food aid.

At this point, John Mangudya made a startling announcement, he was going to print bond notes, as an extension of bond coins.

He masked these bond notes as an export incentive.

He added that he had negotiated an Afreximbank loan to back the bond notes.

Mangudya was a “fresh” face at the RBZ, but I nevertheless did not trust him.

In any case, the crisis had evolved from an intermittent problem to a full-blown one under his watch.

But most importantly, the RBZ is never a central bank for the people – rather a tool through which the people’s wealth is robbed by the elites.

No sane Zimbabwean trusts the RBZ because of its legacy.

It was for this reason that I did not believe Mangudya, and reasonably so.

From that point on, my hypothesis was the bond notes story was not just subterfuge, but another gigantic scam to drain massive amounts of wealth from the people which had been accumulated between 2009-2013.

Continued next page


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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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