While the majority of Zimbabweans are skeptical about the newly introduced bond notes, an in-depth analysis into the system has proved that Zimbabwe started using the bond notes way back through the local (RTGS) Real Time Gross Settlement system and simply had to compliment with a paper note.
Hard as it may be to believe, there is so much evidence from the monetary authority, the Reserve bank of Zimbabwe, RBZ to prove that we have always been using virtual currency that can only work in Zimbabwe, hence the limits to preserve the system.
Have you ever wondered why its now taking months to pay for that car on be-forward, or for any company to get their Telegraphic Transfers T(T) cleared? Why is that the banks are limiting on the amount of purchases you make even when you are not in Zimbabwe.
If Zimbabwe is only facing a cash crisis, why is that they limited the number of transfers I was doing when I was in New york on Visa card? Why is that I can not withdraw as much as I want when I am in a foreign land since these countries do not have any cash problems?
These questions can never be answered properly except, the same currency flow regulation crap which defies all logic which led, yours truly to dig deeper and understand more behind the electronic money system in Zimbabwe.
The simple explanation is the question why we cant be allowed to simply convert our money to any currency through withdrawals outside Zimbabwe, if we truly have a hard cash crisis in Zimbabwe.
The reserve bank announced a major discrepancy in our actual nostro balance account, compared to the RTGS running balance, where millions are stuck in the RTGS account, but these have no equivalent Nostro balance.
This is the actual reason why even locally you can not withdraw so much money because the actual money is not there physically, but you can be allowed to transfer or buy using your bank card, since there wont be any need to substantiate actual cash backing.
Infact this is the only major reason why we have cash shortages, because we can no longer support the RTGS balance against the actual USD nostro bank balance, hence the RBZ had to introduce bond notes.
Technically, the money in your bank account has to be controlled, because if its all allowed to come out, the RTGS system will have to hit the actual nostro account to authenticate, but since the nostro account is empty, the RBZ has to limit how much you take to manage the flow of real currency against RTGS(bond) currency.
This then simply means we are using virtual figures in our bank accounts, and we also needed virtual papers to support the virtual figures so that the economy runs fully of virtual currency.
The fact is we do not have real money, yes part of it is real currency, from the nostro backing, hence there are limits, but the majority of it, its virtual money in the RTGS system and it can pay for anything except outside Zimbabwe, and this demanded actual physical money to back it for the local market.
Technically this means, since the RBZ took over the Nostro accounts more than 6 years ago and failed to balance the nostro , rtgs deficit, our money circulating was never real money but artificial money which can not cross beyond borders.
This is the same reason why the RBZ has to implement the importing pyramid, which only gives high priority to things like food and medication and puts electrical and tech gadgets at the bottom of the pillar as luxury when you are importing.
Large tax payers like Econet and Delta have cried foul over the payment system which has delayed their imports and crippled business because the RBZ has failed to support the TTs they made due to lack of real money.