AD143: Zimbabweans still dissatisfied with the economy and doubt usefulness of bond notes

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Graph: Views on bond notes | Zimbabwe | 2017
Dispatches
2017
143
Richman Kokera and Stephen Ndoma

Zimbabwe’s economic meltdown remains an enormous challenge affecting citizens from all walks of life. The government’s 2009 introduction of various foreign currencies was welcomed by many Zimbabweans who, after years of hyperinflation, witnessed a stabilization in general consumer prices. But with lagging economic growth and a continuing drought, the country now faces deflation and has even experienced reverse urbanization due to a lack of opportunities in the cities (African Development Bank, 2016, 326).

In November 2016, the Reserve Bank of Zimbabwe, seeking to stimulate the economy and incentivize exports, introduced a new medium of exchange – “bond notes” pegged at par value with the U.S. dollar – in a move seen by many observers as intended to ease crippling cash shortages but ultimately unsustainable.

Using 2017 Afrobarometer survey findings in Zimbabwe, this paper examines public views on the economy and the introduction of bond notes. Findings show that Zimbabweans are still largely negative in their assessments of economic conditions in their country and their own households, and that only a minority expect bond notes to provide much relief.

Visit the Zimbabwe country page for the media presentation and press releases.