Home / Business / Mugabe uses presidential powers to make bond notes legal tender

Mugabe uses presidential powers to make bond notes legal tender

Mugabe uses presidential powers to make bond notes legal tender

President Mugabe has used his presidential powers to gazette a law making the bond notes legal tender.

JOHANNESBURG – Zimbabwe’s President Robert Mugabe has used his presidential powers to give legal force to unpopular new banknotes.

The move is almost certainly designed to stop any legal challenges to the bond notes, which are due to come into circulation this month.

In a statement, Finance Minister Patrick Chinamasa says the legality of bond notes should be put beyond doubt. The minister says President Mugabe has used his presidential powers to gazette a law making the bond notes legal tender.

There has already been one unsuccessful court challenge to the bond notes from former Vice President Joice Mujuru.

The notes, in denominations of one and five dollars, are to be given the same value as the US dollar, and will officially be used to reward exporters and Zimbabweans receiving money from abroad.

But critics fear that bond notes will be printed to cover up the government’s own budgetary shortfalls and could fuel inflation and shortages last seen in 2008.

(Edited by Masechaba Sefularo)

Check Also

Wheels for Workers – 25 New Buses for Civil Servants Launched

By Farirai Machivenyika President Mnangagwa yesterday launched 25 new buses for civil servants as part …

error: Content is protected !!