The hot and happening news comes this way, as Reserve Bank of zimbabwe taken the most controversial quasi-currency decision on Monday to released the 100 trillion note to avoid the liquidity complications, quasi-currencies are highly liquid assets and can be easily converted into cash with no or nominal loss. According to media, in the beginning, the release of bond notes will be issued into the market via normal banking channels simultaneously, in the form of small denominations of $2 and $5,” from the Reserve Bank of Zimbabwe. Moreover, the release of the bond note is ascribed to the partial imbalance of import or export.
According to the International Monetary Fund, in the year 2009, Zimbabwe’s currency note suddenly fall down as a result of hyperinflation because of the government of President Robert Mugabe had printed currency notes in excess, at that point of time 100, trillion Zimbabwean dollar became worthless that is good-for-nothing having no real value. Furthermore, the bond notes i.e. the marketable securities will be deposited into out-of-circulation of U.S. dollar accounts, so the government of Zimbabwe not permitting the all and Sundry to open a new account , but more importantly, the maximum set withdrawal limit of bond notes is just $50 per day and $150 per week.
According to the reports, Many Zimbabweans out of the frustration and outrage protesting against the introduction of new note of the worth 100 trillion all over the country. As they are facing the number of problems at almost everywhere as shopkeepers are denying to accept the new currency, even not able to cover the cost of a bus ticket.The general public adding to the suspicion is uncertainty about the ability of government to manage and organize the new bond note system and also lack competency and individuals started lacking trust in the respective government.
As a matter of fact, in 2016 Zimbabwe has seen extensive protests against Mugabe’s the president of Zimbabwe. lawyers are going against President Robert Mugabe for permitting the release of a quasi-currency, on Monday lawyers appealing to the court to repudiate Mugabe’s proclamation. Advocates from Zimbabwe Lawyers for Human Rights (ZLHR) filed an epistle to the High Court. On the other hand, the existing notes are popular only with tourists and on eBay, $100 trillion notes are on sale for up to $25 this week. Few people of Zimbabwe believe that the new currency i.e. the bond notes, will have a similar value.Therefore, the government of zimbabwe should take into consideration every bit of each aspect.