Published by the government of Zimbabwe
1 January 2009
Harare — THE Reserve Bank of Zimbabwe has warned of the dangers of using fuel coupons as currency.
In a statement yesterday, RBZ Governor Dr Gideon Gono said issuers of coupons, which are relatively easy to counterfeit, are currently holding large stocks of coupons and not all had the fuel to back the coupons issued.
He said it had come to the central bank's attention that some traders and service providers were demanding coupons as an alternative means of payment for their goods and services, chief among them institutions like schools, security companies, legal firms and auctioneers.
The deals are described as barter arrangements, which are legal, but the RBZ is worried that some people are giving coupons a higher status than they deserve.
"In terms of the Reserve Bank of Zimbabwe Act, Chapter 22:15, fuel coupons are not legal tender and hence are not a formal means of effecting payment in any transaction.
"Members of the of the public are advised to resort to using of the official currency in settling their day-to-day transactions, foreign currency in special cases covered by the RBZ dispensations such as Foliwars and Felipros and Felicocs.
"Unlike the official currency, in this case the Zimbabwe dollar, and also other recognised foreign currencies, fuel coupons are generated from various sources, rendering it difficult to distinguish their authenticity through security features such as the watermark, Zimbabwe Bird, metal thread, etc," he said.
He said preliminary investigations into the quantity of coupons held by the issuers had revealed alarming discrepancies, to a point where some of the coupon holders approaching the respective garages for fuel have been turned away as the issuers were not authentic.
"The rate at which they are printed, and the growing number of dishonoured coupons, makes the whole process susceptible to fraudsters that will result in the public holding fuel coupons without value," he said.
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The whole scenario is that Old bob refuses to fire anyone who has mismanaged bse they will point fingers at him.