On Wednesday, following the release of Zimbabwe’s Bond Notes, a protest erupted in Harare causing Zim riot police to unleash water cannons on them.
The protest saw activists who are pessimistic about the value of the Bond Notes, expressing fears that it could lead to a recurrence of the hyperinflation which weakened Zimbabwe in 2009.
The bond notes were launched on Monday, 28th of November, by the Reserve Bank of Zimbabwe.
The Bond Notes are meant to ease the cash crunch in Zimbabwe by acting as a dollar surrogate in a time of dollar shortage.
Following the hyperinflation of 2009, the local Zimbabwean dollar was deemed useless and consequently scrapped. As a result, the southern African country adopted a “multi-currency system”. Some of the currencies adopted include the South African Rand, US Dollars, Botswana Pula, among others.
At the moment, the US dollars trade at the same rate against the Bond notes.
Some youths from the opposition Movement for Democratic Change (MDC) who took to the streets of Harare holding placards which read, “No to Bond Mugabe” and “No to fake money” were dispersed by the Zim riot police who launched water cannons against the protesters.
Zimbabweans are still skeptical though about how long the bond notes can retain value. Also, a viral video saw people rubbing the bright green-colored notes on a sheet of white paper which left green smudge marks on the paper. This has been argued against the quality of the bond notes (or “bollars” as some have chosen to call it).
“We are currently witnessing one of the biggest scams in history … Who just prints paper and determines its value?” tweeted ClaudeJrK.