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From Obama to Oh Bond! . . . Zimbos embrace new currency?

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bond-notesStung by a crippling cash shortage for months it appears Zimbabweans had little or no option but to embrace the new Bond notes, which started circulating today.

The Reserve Bank of Zimbabwe went all out across the breath and length of the country to convince people that the Bond notes were 1:1 to the US$ which Zimbabweans have come to know as the Obamas in street lingo.

“It is a welcome relief,” said Farai Rutsito.

“The best thing is that the long queues will varnish from the banks and that people will have a decent Christmas,” Elliot Zimbani said.

Margret Mupfukudzi told Gemnation that she was able to buy groceries using Bond notes without any problems.

“At this point people are accepting the notes and hopefully it continues like that,” she said.

So far, the banks are issuing out mostly $2 and $5 Bond notes in addition to the Bond coins.

Debate on the introduction of the Bond notes has dominated the public discourse with those in support of the currency saying that it would not only ease the liquidity crunch but also address the abuse of the US dollar.

Those against the Bond notes argued that the new currency would further worsen the economic turmoil in Zimbabwe considering that such stopgap measures failed in the past.

There was skepticism with regards to the Bond notes with some saying that it would escalate ‘burning’ of money via the RTGs system and take Zimbabweans back to 2008 era of ‘casino economy’.

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