Chinamasa does the honourable thing- chooses to consult the public over the bond notes bill

Finance Minister Patrick Chinamasa, who had earlier announced plans to fast-track the Reserve Bank of Zimbabwe Amendment Bill which relates to the introduction of bond notes, changed his mind yesterday and said the bill will go through the normal process with the public being consulted.

Chinamasa’s about turn won the hearts of the opposition with Movement for Democratic Change vice-president Nelson Chamisa welcoming the move and thanking Chinamasa for such a positive move.

“Hon. Speaker I think this is a positive thing, we must not just criticise positive gestures.  I differ with the Minister on many occasions but on this one I have no reason to differ Hon. Speaker.   In fact he has done beyond my expectation,” Chamisa said. 

“He has surprised me by being a pro-people minister and I really appreciate this.  I want to thank the Minister for this gesture, it is a positive gesture, it has nothing to do with parties, it is all to do with who we are as a people.  Let us consult in our decision making, in our Bills and in our law making.”

The introduction of bond notes has been criticised by many and has resulted in a stampede by ordinary citizens to withdraw their money before it becomes useless.

Most fear what happened during the hyperinflation of 2007-2008 which saw most people losing fortunes as inflation spiraled to record levels with one American economist putting it at 89.7 sextillion percent. A sextillion has 21 zeros.

The International Monetary Fund says Zimbabwe’s inflation peaked at 500 million percent.

It is, however , still not clear whether the bond notes will be introduced next week as previously announced or they will have to be delayed until after the public debate and the passage of the bill.

Chinamasa has made decisions which have been reversed by President Robert Mugabe before, like the cancellation of the bonuses for civil servants.

His move is, however, likely to win him accolades from a skeptical public used to the government bulldozing its way.

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