Zimbabwe bond notes – a big lie and a fraud!


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He further said that Zimbabwe has already reached its country risk limit and unless it pays up existing loans, it may not continue to access Afreximbank loans.

On February 24, 2017, the Zimbabwe Independent published an interview with John Mangudya.

The following is an excerpt of that interview:

Zimbabwe Independent: Before the introduction of bond notes in November 2016, you announced that there would be an independent board to monitor the bond notes in circulation. What has changed since then?

John Mangudya: That is still the position. The independent board is required to ensure integrity and restore confidence within the financial system. As you may be aware, the appointment of the independent board was temporarily delayed by the need to ensure that the Bill to amend the Reserve Bank Act is passed by Parliament. This was done and the Bill now awaits presidential assent. Once the Bill is signed then the independent board will immediately be put in place.

In March 2017, way after bond notes had started circulating, Robert Mugabe signed the Reserve Bank of Zimbabwe Act, putting a legal veneer to the wealth heist through bond notes.

To hoodwink the masses, that law says “…bond note means a unit of legal tender whose par value in relation the United States dollar is backed by a guarantee extended to the Reserve Bank by one or more financial institutions and ‘bond coins’ shall be construed accordingly.”

Four months later, Mangudya has never set up an independent body to monitor the printing of bond notes as per his undertaking prior to their release.

The reason he hasn’t set up that board, and may never do, is that bond notes are a scam, a lie, a fraud!

A giant fraud perpetrated to transfer wealth at a large scale once again from the people to the kleptocrats.

 

By Matt Matigari for The Source

(400 VIEWS)

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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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