Panicky depositors rush to withdraw money

Panicky depositors rushed to withdraw their money yesterday after government’s promulgation of Statutory Instrument (SI) 133 of 2016 to legalise the introduction of bond notes, with legal experts describing President Robert Mugabe’s move as unconstitutional.

Mugabe on Monday gazetted SI 133 of 2016, Presidential Powers (Temporary Measures) (Amendment of Reserve Bank of Zimbabwe Act and Issue of Bond Notes) Regulations, that clears the hurdle for the introduction of the abhorred bond notes.

Many Zimbabweans say any local currency introduced at the moment induces in them fear of the 2008 hyperinflationary era that wiped out people’s life savings and pensions.

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