We have been robbed! Again!

When the Reserve Bank of Zimbabwe governor John Mangudya announced in 2016 plans to issue bond notes, a currency he claimed had the same value to the US dollar, many were apprehensive.
It was backed by a $200 mn Afreximbank facility, he said.
If it failed, he would step down, he assured the public.
He had previously introduced bond coins to address small change problems in the economy.
Again the facility was backed by an Afreximbank facility.
Unlike the bond coins, the Afreximbank had not issued a statement confirming the existence of the facility backing the new bond notes.
Many were suspicious.
Others feared he was attempting to introduce the Zimbabwe dollar through the back door.
But businessman Fred Mtanda took great exception to Mangudya’s plans and hired one of the best legal minds in the country- David Drury- to compel the central bank to produce evidence of the existence of a facility bacing the bond notes.
The court threw out Mtanda’s court application.
One did not need to visit the genius pub to predict what would happen. To many, the central bank’s plans smacked of an underlying motive to disposess the citizens off their hard earned US dollars.
After enduring one of the worst value destruction phases in recent years thanks to a hyperinflation fuelled by former central bank boss Gideon Gono’s unrestrained printing of the Zimbabwe dollar during his term of office, Zimbabweans wanted tonplat it safe.
Secretly, many feared they would find their hard currency gone.
A Japanese op-ed writer Ken Yamamoto aptly captured the underlying concerns at the time, calling it “one of the greatest robberies by any government ever.”
Within months of introducing the bond notes, the currency found itself trading at varying discounts to the US dollar, an indication that the market did not buy the official line that it was at par with the US dollar.
As time progressed, the value of the bond note against the US dollar fell further to around 40%.
By the time former President Robert Mugabe was forced to step down, a year after the introduction of the currency, electronic transactions were discounted by as much as 70% while hard cash was around 30%.
Cash shortages in the economy had helped sustain the value of the bond note against the US dollar.
The stock market had reached an all-time high of $16 bn valuation by November 2018 in response to inflationary pressures as investors piled into stocks to preserve value.
With the coming in of the new President in the form of Emmerson Mnangagwa after the military intervention in November last year, it was felt that the inflationary fears had subsided.
The stock market came down to just below $9 bn from $16 bn in a week of trades.
The discount rate between the bond and the US dollar firmed up a bit and only lost value further in the days leading to the elections.
Fast forward to now, Mangudya has changed the tune. He now says there is need to open Foreign Currency Accounts (FCA). The announcement means that the existing bank accounts are no longer United States dollar denominated accounts.
It seems once again that Zimbabweans have been robbed yet again.
Although Mangudya denies involvement on the black market foreign currency acquisitions, his predecessor, Gideon Gono, is believed to have been a player of note in securing foreign exchange for Mugabe’s government back then on the black market.
But could this have been a ploy to steal from the masses?
Many believe this to have been a well orchestrated heist by Mangudya to rob Zimbabweans off their hard currency.
This will tacitly leave a massive carnage of value in its wake to those holding on to local currencies.
Yet again, its not clear what is going to happen tp ordinary Zimbabweans saving and investments alike.
Will the currency lose value again like the Zimbabwe dollar again?
If that happens, what recourse will Zimbabweans have? Those aresomemof the burning question post the infamous monetary policy statement of this week.