Chinamasa says if Zimbabwe releases $100 million today this would disturb the economy

*THE MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT (HON. CHINAMASA): Firstly, I want to thank the Zimbabweans who welcomed the bond notes.  Right now, the worry is that we have a low allocation and this should be increased. That is what Hon. Zwizwai has asked.  What is coming now is just a few; why can we not bring in a lot of them.   

The central bank is ceased with the issue and they are doing their best so that they work things out.  I want this House to know that at the moment, bond notes are an incentive to those who are selling outside the country. These include tobacco growers and gold miners.  Right now, the Reserve Bank has released US$29.6 million into the market and they are doing their best to see that the challenges we are facing are lessened. The issue of bond notes is not an overnight thing.  The Reserve Bank will work flat out so that they work things out.

*HON. ZWIZWAI:  Thank you Hon. Speaker and thank you Hon. Minister Chinamasa for the answer that you have given us.

My supplementary question is, the Minister is saying that a small amount of bond notes has been released.  The Minister speaks as if the money is only an incentive whereas we are talking about the money people have in their accounts because the Government and Ministry are obliged to give people their money. People understood that you said that yes the US dollar is not our currency; now because we have the bond, why do you not give us the money because the Government is obliged to give us our US$ which you cannot meet.  We are saying give us the bond notes but you are not releasing the bond note into the market so that we get our money and get food on the table.

*HON. CHINAMASA:  I think I have explained.  You can take it or not but people welcome the bond notes and they are getting their money.  It is not possible that all of it should be released into the market.  It takes time.

*HON. MUDZURI: My supplementary question is that people have their money in US dollars but now we have a law. The central bank issued a statement that people can take bond notes, about three hundred and US$100.  When I asked this from the Leader of the House, he said that you are not forced to withdraw bond notes but now there is a law that you should take so much.  Is it not the same that when you have a foreign currency and local account, you wake up one day and both the accounts will be in bond notes? 

*HON. CHINAMASA:  Mr. Speaker, I think I have answered this question.  It has been asked by Hon. Zwizwai and I have repeated and I am repeating.  The answer is the same.  The answer is that right now, there is US$29.6 million which has been released into the market – [HON. MEMBERS:  Inaudible interjections.] –

THE TEMPORARY CHAIR (HON. MARUMAHOKO):  Hon. Members, this is why you continue asking supplementary questions because you do not listen.  You are busy talking when the Minister is answering.  Can we please whisper if we want to have discussions with our friends?  We are not allowed to shout.  Can we hear the Minister in silence please?

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