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“Blessing or Curse”?Introduction of bond notes as an Antidote to Zimbabwe’s Liquidity Crises

Journal of Modern Accounting and Auditing 2018年第5期14卷 252-264页

作者： Matanda Ephraim Dube Hlupeko Madzokere Nyasha Great Zimbabwe University Masvingo Zimbabwe Department of Banking and Finance Great Zimbabwe University. Department of Philosophy and Religious Studies Great Zimbabwe University. 不详

The Zimbabwean financial sector has been retrogressive,constrained,and unpredictable since the year 2000,serving for the multiple currency periods(2009-2013)after the demonetization of the domestic *** sector since then has seen a number of commercial banks fail to meet RBZ(Reserve Bank of Zimbabwe)minimum capital requirements,put under curatorship,delisted or liquidated because of a myriad of operational and financial *** objective of this study is to make an assessment of whether or not the introduction of bond notes has been a curse or *** study drew raw data from bank account holders,academics,general public,corporate world and commercial banks in Masvingo for analysis and *** study established that the majority of people,corporate world and commercial banks were sceptical to embrace the surrogate bond notes because of the uncertainties,operational and financial risks that they paused on the domestic financial *** was also discovered that most banks were quick to pay clients’withdrawals in bond notes,deduct US dollar equivalences from their accounts,and distinguish bond notes from US dollars at the point of making deposits and foreign business *** was also realized that there was market indiscipline and trading in bigger US dollar notes in the informal sector and serious shortage of the same notes in the formal *** study concluded that the introduction of bond notes to trade parallel to the US dollar brought a serious shortage of cash on formal markets and increases in the general price level of goods and *** study therefore recommends that the RBZ should completely withdraw the bond notes from the market to accord the US dollar its world market value and restore confidence and discipline in the Zimbabwean financial *** study also recommends another option of the adoption of the South African Rand as an interventionist way of solving Zimbabwe’s liquidity crises.

关键词： blessing curse bond notes liquidity crises antidote Zimbabwe

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