The Confederation of Zimbabwe Retailers (CZR) has raised alarm over the rejection of bond coins, ZWL$2 and ZWL$5 notes saying it goes against nation building efforts.
In a statement CZR president, Denford Mutashu said, “The Confederation of Zimbabwe Retailers (CZR) has noted with serious concern the sudden rejection of bond coins and notes in the denomination of ZWL$2.00 and ZWL$5.00 notes by selected traders, retailers and wholesalers in the market.
“As an Association we would like to advise the retail sector that it is against the law to wantonly reject a national currency that is legal tender. This goes against nation building efforts that our sector has always pledged to partake. CZR calls upon law enforcement agencies to help instill disciple on the matter as the public has been left exposed.”
He said those rejecting the currency were the ones vigorously fueling illegal forex trading thereby damaging confidence in local currency.
“The public and business is discouraged from stifling cash circulation by hoarding large amounts for speculative tendencies. Cash, like blood has to circulate for the economy to work. It has also come to our attention that most of those rejecting the coins and notes have been actively fueling the forex parallel market, contributing to the destruction of confidence in the local currency,”
The trend Mutashu said had cascaded to rural areas as shops also not accepting the same denominations.
“Shops in rural areas, small towns have since joined the unscrupulous trend, instructing their employees to reject payment in local currency .The conditional selling of goods in USD, Rand, and Pula only is discouraged. CZR calls for policy consistency on currency to safeguard business and consumers. The retail and wholesale sector pledges to continue contributing towards economic development and CZR commends all players that consistently abide by the law in their operations.” noted Mutashu.
Traders at Mbare Musika market have also been declining the coins and notes citing some wholesalers were not accepting the same denominations despite the Reserve Bank insisting that bond coins and notes are legal tenders.