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Harare - President Robert Mugabe on Monday turned to his presidential powers to gazette a new statutory framework meant to legalise the introduction and use of bond notes as acceptable legal tender in the struggling Zimbabwean economy.
Mugabe had to resort to his presidential powers after most Zimbabweans, who are strongly against the introduction of bond notes, had turned to the courts to challenge the legality of the notes.
The court challenge resulted in the delayed introduction of bond notes as the government worked on a law that legalises the whole process.
The new law now paves the way for the Reserve Bank of Zimbabwe to finally release the bond notes that are expected to ensure a sustainable recovery of the economy.
Minister of Finance and Economic Development Patrick Chinamasa on Monday evening also issued a statement with regards to the bond notes.
“The Reserve Bank of Zimbabwe will with immediate effect start the process towards issuance of bond notes as a legal tender in Zimbabwe," said Chinamasa.
“When the Reserve Bank of Zimbabwe is satisfied that the public is sufficiently conversant with the salient features of the bond notes it will proceed to issue the bond notes accordingly in line with the Export Incentive Scheme,” he added.
Most Zimbabweans however believe the bond notes will spell disaster for Zimbabwe’s economy.
