US$ DEBTS TO BE PAID BACK IN BOND NOTES: MINISTER

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US$ DEBTS TO BE PAID BACK IN BOND NOTES: MINISTER | Finance minister, Patrick Chinamasa has said anyone owed money in US dollars will now be repaid in bond notes.

He said with the promulgation of a new bond notes law by President Mugabe, the RBZ now has the power to introduce bond notes and coins with a 1:1 rate against the United States dollar.He said creditors were compelled to accept payment in bond notes. “If one owes you money in United States dollars, you must accept payment in bond notes.

ministerYou cannot refuse. “One would have discharged his or her obligation to you,” he said.

Minister Chinamasa said the President Mugabe promulgated the law as critical economic recovery measure.“Given the criticality of the issuance of bond notes as legal tender to the
recovery of our economy and also the controversy that has surrounded the subject matter, it has been decided that the legality of bond notes as legal tender in Zimbabwe should be put beyond any measure of doubt.

It is to this effect that the President has today gazetted Statutory Instrument 133 of 2016, Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes )Regulations, 2016.

The measures that have been gazetted under Presidential Powers Regulations will fortify and underpin the existing legal framework for the issuance of bond notes,” he said.

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