The Reserve Bank of Zimbabwe says the three-tier pricing system being used by some retailers is illegal, hence the need for the practice to stop forthwith.

This was said by the RBZ Deputy Governor Dr Khupukile Mlambo at the 100 days bond notes review meeting hosted by the Confederation of Zimbabwe Retailers.

This comes amid the realisation that some retailers now have a price for swipe, a price for US dollars and a price for bond notes, for the same product.

Dr Mlambo said bond notes have worked to the bank’s  expectations with US$102 million worth of bond notes having been injected into the economy.

Economist Professor Ashok Chakravati said bond notes are not a long term solution to the challenges facing the economy though they have achieved the objectives of improving liquidity on the market.

Confederation of Zimbabwe Retailers president Mr Denford Mutashu said there is need to continuously promote the use of plastic money to compliment bond notes.