The campaign will spread to every part of the country and will contest efforts by the Reserve Bank of Zimbabwe to popularize measures that will plunge Zimbabwe into deeper economic turmoil. Meanwhile the Crisis in Zimbabwe Coalition Advocacy Committee led byÂ Marvelous Micheal KumaloÂ is mounting a court challenge on the decision by the President to use an unconstitutional legislation to gazette the introduction of the bond note. We maintain that the cash shortages in Zimbabwe are symptoms of policy failure and that the Government of Zimbabwe should address the economic fundamentals first that include competitiveness, anti-developmental corruption, the high costs of production and revisit the investment laws including the indeginisation framework.
Our contention is that:
- There are limited accountability channels available to citizens to monitor the activities of the RBZ on printing Bond notes raising questions on what measures are in place to ensure that the Government of Zimbabwe will not print bond notes exceeding the 200million dollar facility.
If the bond note is an export incentive, we do not believe that the 5% incentive should be printed in bond notes but instead the government should consider an investment interest return that is credited to account holders without essentially printing money
3. We are wary on the security behind the printing of the bond note given reports that already counterfeit notes have circulated despite the fact that the specimen have not been formally circulated to members of the public
4. We remain true to the constitution of Zimbabwe as the supreme law of the land and we are worried on the decision by the President to use an unconstitutional legislation to gazette the introduction of Bond notes. The CiZC youth committee urges all citizens to reject attempts to subvert the Constitution of Zimbabwe
5. The introduction of bond notes will see the resurfacing of a parallel currency exchange market and in the interim shortages of basic commodities