Editorial Comment: The law must deal with malcontents

The Reserve Bank of Zimbabwe, the security arms of Government and the justice delivery system must descend on malcontents defacing, engraving and soiling the bond notes released recently.

We view these actions of destroying the identity of the bond notes as an act of sabotage which must be halted by swiftly applying the long arm of the law. In the last few weeks, we have seen some morally bankrupt elements lacking character and self-esteem attacking left, right and centre the introduction of bond notes by the central bank.

The bond notes were released into the market in small denominations to fund export incentives of up to five percent which will be paid to exporters of goods and services and Diaspora remittances. The initial release of bond notes, of $10 million, was in denominations of $2 and $2 million in $1 bond coins.

Over the last week we saw a $1 bond split into two with the outer ring separated from the inner part. Others have soaked the bond notes in water attempting to prove that the bond notes were made from cheap quality paint which fades when exposed to water.

Social media was then bombarded with the so-called evidence that bond notes quality was compromised. This was aimed at removing trust from the bond notes.

Lack of trust in a medium of exchange would result in its collapse. All this was done so that the transacting public would refuse to accept the bond notes.

The idea to create a negative perception on the bond notes was aimed at causing traders to refuse to accept the transacting medium of exchange or worse still cause suppliers and producers to withhold goods and services in protest against bond notes.

When producers withhold goods there would be shortages and eventually soaring consumer prices. The evil schemers envisaged that this would result in scarce food supplies and public riots.

They also hoped that when people lose trust there will be a run on deposits as depositors would prefer to keep their savings in US dollars and at home. And this was expected to cause the collapse of the financial services sector.

The effects of a currency collapse would be far reaching. However, we see the defacing of the bond notes, the sustained campaign to reduce the value of the notes as part of wider measures by detractors to collapse a democratically elected Government.

So premeditated are the moves that several faceless social media accounts were opened to disseminate the negative messages.

And we see a big brother behind these schemes.

We may be accused of paranoia, but as long as we are paranoid to the extent of safeguarding our sovereignty, so be it! These antics were a calculated move to fit the matrix of a failed state upon which a revolt would be mounted.

But contrary to the machinations of the cynics, sponsored by the opposition and their allies, the bond notes have been widely accepted by the generality of Zimbabweans.

We salute those depositors, traders, retailers, vendors, transporters and fuel dealers who have embraced the bond notes. However, we are worried about a few malcontents defacing and undermining bond notes and by extension the few refusing to accept the medium of exchange.

This is unacceptable and tantamount to sabotage. Under such circumstances, we call upon the RBZ, the security arms of Government to move in and effect arrests for such culprits.

The RBZ Act Section 42 makes it an offence to deface, engrave the bond notes and to wilfully deface, soil or damage any banknote or write or place any drawing on the notes.