Zimbabwe firms REJECT bond notes, transfers…US Dollars only

The price hikes experienced over the past few days as well as the parrallel markets existing has seen firms across the country starting to reject the bonds notes instead only accepting the scarce green buck.

Furniture shops including TV and Sales, pharmacies and vehicle manufacturing companies have now removed bond notes price tags in their shops saying they are only accepting usd notes.

A top employee from TV and Sales who spoke on condition of anonymity said the rate at which bond notes were losing value on the market had triggered the decision to only accept the green buck.

“At first we were increasing prices depending on the exchange rate of bond notes against the usd, but the rates are ever changing and we have decided to just accept usd notes until normalcy returns,” said the source.

The source said those who had made lay-byes risked losing their hard earned cash.

“Those that made lay-byes are not being spared as they are now forced to pay the remaining balances in USD notes. To those that only have access to bond notes we are charging them a bit higher so that we do not incur losses at the end of the day,” said the source.

As if not enough some supermarkets that also sell furniture like OK were removing some of their stocks including four plates stoves and fridges.

“Here in OK unlike other companies that are charging usd notes only we decided to temporarily remove our stocks until the situation noRmalises. We cant be changing price tags each and every hour so it better to at least wait and assess the market situation,” said an employee.

RBZ governor John Mangudya, in a statement on Sunday, said the central bank had started initiating the price stabilisation plan by drawing down on the $500 million lines of credit aimed at bringing sanity to the economy.

“The bank has noted that increase of prices of certain goods has followed the spike in foreign currency parallel market rates, which is being caused by some people bent on duping the public of their hard-earned income,” Mangudya said.

“The opportunists are manipulating foreign currency parallel market rates to cause unnecessary panic and despondency and destabilisation of the economy. Such counter-productive behaviour is unwarranted and should be condemned by all peace-loving Zimbabweans.”