Zimbabwe bond notes

ZRP arrests 102 businesspeople caught rejecting bond notes

Last month, the Zimbabwe Republic Police (ZRP) warned businesses people who were rejecting bond notes.

They have followed on their warning by prosecuting 106 businesspeople who were not accepting the country’s legal tender. And of those 106 who were arrested, 28 are set to appear in court according to a Newsday report.

police spokesperson Assistant Commissioner Paul Nyathi said 28 cases were set to appear in court and cautioned traders against rejecting the volatile currency.

The Zimbabwe Republic Police reiterates that traders and business entities who continue to refuse to accept Zimbabwe currency, bond notes and coins as legal tender in business transactions risk being arrested and taken to court for the law to take its course.

A growing number of informal businesses have been rejecting bond notes ever since the Reserve Bank of Zimbabwe introduced $10 and $20 notes.

Informal businesses are only accepting Zimbabwe dollars labeled “Zimbabwe dollars” instead of those “Bond notes”. However, bond notes are still being accepted in the formal sector.

Even though the RBZ said shops can sell in US dollars they should still accept any local currency regardless of its name. The police expect these arrests will push the informal sector to start accepting Bond notes.

Value of Zimbabwe dollar

Meanwhile, the value of the Zimbabwe dollar is still taking a heavy beating on the black market despite the RBZ putting restrictions on mobile money and banking platforms.

The ban on Agent to Agent transactions left moneychangers stranded as they can’t find the funds (also known as “float” in street lingo) to buy foreign currency from the general public.

However, despite the lack of float the black market rate has remained stable. The latest data that says that the black market rate is ZWL$105 whereas the official rate is ZWL$63.74.

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