Zimbabwe Parliament calls for stiff penalties for black marketers to preserve the value of bond notes

Zimbabwe’s Parliament has called for stiff penalties for those who do not accept the recently introduced bond notes and those who exchange the notes at a different rate than the stipulated one.

The chairman of the Finance and Economic Planning Committee David Chapfika said banks should now disburse the bond notes through ATMs.

Contributing to the debate on the Reserve Bank of Zimbabwe Amendment Bill, Chapfika said the government should give assurance to the informal sector that it will continue to have access to foreign currency.

The informal sector, which holds most of the cash in the country, should also be encouraged to bank so that it can access foreign currency.

He said that travellers and business people must have access to foreign currency but there should be limits to amounts people can withdraw outside the country to curb externalization.

Full contribution

RESERVE BANK OF ZIMBABWE AMENDMENT BILL (H.B. 12, 2016)

Twenty-Eighth Order read: Adjourned debate on motion on the Second Reading of the Reserve Bank of Zimbabwe Amendment Bill [H.B. 12, 2016].

Question again proposed.

HON. CHAPFIKA:

Introduction

1. The Reserve Bank of Zimbabwe Amendment Bill was gazetted on 17 November 2016. The Bill seeks to provide a legal framework for the Central Bank to issue bond notes exchangeable at par value with the United States dollar, on the same basis that it previously issued bond coins. The Bill also seeks to validate the issuance of bond coins currently in circulation.

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