Harare businessman challenges the introduction of the bond notes

A local businessman Frederick Mutanda has filed a High Court application challenging the introduction of the bond notes.

He is also challenging the proposed placement of export proceeds earned by exporters into the central bank’s nostro account

Mutanda is arguing that there is no guarantee that they will get their money.

In his court application Mutanda also said the proposed introduction of bond notes is unconstitutional and is in violation of the Reserve Bank Act Chapter 22.15 among other fiscal legislations on the legal tender.

Reserve Bank of Zimbabwe is cited as the first 1st respondent, the Governor of the RBZ as the 2nd respondent while Minister of Finance, Stanbic Bank and the Attorney General have been cited as 3rd, 4th and 5th respondents.

In his founding affidavit, Mutanda says he has businesses which are likely to be affected by the introduction of the bond notes.

He said he filed the application in his personal capacity in terms of Section 85 of the Constitution of Zimbabwe.

The business man becomes the 2nd person to challenge the introduction following another High Court application by former vice president Joice Mujuru.