President Mugabe has  spoken about the new bond notes and encouraged Zimbabweans to embrace them in order to protect the country’s US$ reserves from foreign pirates.

Addressing the Zanu-PF Central Committee in Harare today, President Mugabe said the idea was to protect the country’s foreign currency earnings.

“We will have bond notes, backed by the US$200 million we secured from a friendly bank,” said the President.

As our reserves grow, so will the population of bond notes, all to ensure a one to one correspondence between bond notes in circulation and US Dollar notes we hold in our reserves.

“The idea is to stop those crooks who were taking advantage of the availability of the United States dollar in the market to spirit it away. They will now have to deal in bond notes as a ‘surrogate’ currency to the US currency we hold in our vaults.”

Many foreigners including Rwandans and Chinese have been caught at Zi,Zimbabwe borders trying to escape with huge chunks of money to their countries.