Police Threaten Businesses Refusing Bond Notes

Police threaten businesses rejecting bond notes

Police threaten businesses refusing to accept bond notes.

Police threaten businesses

The threat by the police comes at a time when informal traders are rejecting $1 and $2 coins, $2 and $5 bond notes. Businesses started rejecting the lower denominations as soon as the central bank introduced $10 and $20 notes.

On the onset of the lockdown, government re-introduced the U. S dollar as legal tender. Due to the government’s inconsistency, retailers are now preferring the United States dollar which is more stable than the local currency – bond notes.

In a statement, National Zimbabwe  Republic Police spokesperson Paul Nyathi urged the public to report people who are not accepting the local currency.

Nyathi said:

The Zimbabwe Republic Police has noted with concern that some business people, especially informal traders are refusing to accept local currency coins, $2 and $5 notes, which is illegal. The police will not hesitate to enforce the law on anyone found to be disregarding the country’s laws, especially during this lockdown period. The public is again urged to report such errant people for swift action to be taken.

The Reserve Bank of Zimbabwe (RBZ) last week issued a statement declaring bond notes are still legal tender.  In a statement Mangudya said:

The Bank would like to advise the public that the notes and coins issued by the Bank and currently in circulation are still legal tender.

For the avoidance of doubt, the notes and coins which are legal tender are bond coins, bond notes in $2 and $5 and banknotes in denominations of $2, $5, $10 and $20.

The Bank would also like to urge members of the public who wish to exchange coins and old notes for new ones to do so through their banks which are mandated to serve their customers

In a statement read by Information Minister Monica Mutsvangwa last week, the government, also reiterated that bond notes are still legal tender. Minister Mutsvangwa said the government will gradually substitute bond notes with new notes through the Ministry of Finance and Economic Development.

Police threaten businesses refusing to accept bond notes.

READ: Price of Bread Shoots Up Again In Zimbabwe Following New Forex Rates

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