Millers threaten not to supply businesses rejecting bond notes
In a not so surprising development, millers have threatened to halt supplies to businesses that reject bond notes and coins.
The Grain Millers Association of Zimbabwe (GMAZ) in a statement published by The Herald, yesterday threatened to stop supplying their products to wholesalers and shops rejecting bond notes and coins.
The threat comes at a time when informal traders are rejecting bond notes and coins. GMAZ chairman Mr. Tafadzwa Musarara said bond notes and coins are still legal tender.
GMAZ members produce and pack maize-meal, self-raising flour, salt, rice, sugar beans, and soya chunks.
In the statement, Musarara said:
We urge all entities distributing our products to accept all local bank notes and use them to buy from us or bank them and pay for our products by bank transfer. Our products can be bought using either cash or mobile money or bank transfers. We demand that the same payment arrangement be extended to consumers.
Masarara said his association will be partnering with the Consumer Council of Zimbabwe to stop businesses from rejecting bond notes and coins.
Informal traders prefer foreign currency which is stable compared to local currency whose value is affected by inflation. Notes inscribed ‘bond notes’ are being rejected in preference for those inscribed ‘dollars.’
Businesses are also pricing goods in foreign currency using a loophole in the Government’s COVID-19 regulations which states that the United States dollar can be used in cash transactions.
The Reserve Bank of Zimbabwe (RBZ) recently published a statement recently saying bond coins and bond notes are still legal tender.
In a statement, Government also said it will be gradually substituting bond notes with new notes through the Ministry of Finance and Economic Development.
Articles You May Want To Read:
- Zimbabwe Withdraws Order Barring Female Lawyers From Wearing “Tight Fitting And Body Hugging Attire”
- Man Keeps Wife Prisoner Inside House…Denies Her Access To The Toilet
- Here Is How Much It Costs To Book Your Favorite South African Rapper
IMPORTANT NOTICE:Access LIVE News, Jobs and Exchange rates directly on WhatsApp. Send a WhatsApp message with the word HIE to +263718636522 or just CLICK HERE to try it out. iHarare is now a information one-stop-shop. Please click on the links highlighted in Red to access News, Events, Jobs, Pricecheck, Classifieds, Dating and Education services by iHarare.For any queries contact us by CLICKING HERE .
The post Bond Notes Chaos…Millers Threaten Not to Supply Businesses Rejecting Bond Notes appeared first on iHarare News.