The Zimbabwean financial sector has been retrogressive, constrained, and unpredictable since the year 2000, serving for the multiple currency periods (2009)(2010)(2011)(2012)(2013) after the demonetization of the domestic dollar. The sector since then has seen a number of commercial banks fail to meet RBZ (Reserve Bank of Zimbabwe) minimum capital requirements, put under curatorship, delisted or liquidated because of a myriad of operational and financial challenges. The objective of this study is to make an assessment of whether or not the introduction of bond notes has been a curse or blessing. The study drew raw data from bank account holders, academics, general public, corporate world and commercial banks in Masvingo for analysis and interpretation. The study established that the majority of people, corporate world and commercial banks were sceptical to embrace the surrogate bond notes because of the uncertainties, operational and financial risks that they paused on the domestic financial markets. It was also discovered that most banks were quick to pay clients' withdrawals in bond notes, deduct US dollar equivalences from their accounts, and distinguish bond notes from US dollars at the point of making deposits and foreign business transactions. It was also realized that there was market indiscipline and trading in bigger US dollar notes in the informal sector and serious shortage of the same notes in the formal sector. The study concluded that the introduction of bond notes to trade parallel to the US dollar brought a serious shortage of cash on formal markets and increases in the general price level of goods and services. The study therefore recommends that the RBZ should completely withdraw the bond notes from the market to accord the US dollar its world market value and restore confidence and discipline in the Zimbabwean financial sector. The study also recommends another option of the adoption of the South African Rand as an interventionist way of solving Zimbabwe's liquidity crises.

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The paper presents and examines the economic policies that Zimbabwe has employed since its attainment of political independence from Great Britain in 1980. The liberation struggle was undertaken mainly to free the country from capitalism and replace it with the socialist ideology which was assumed to be an all-inclusive economic policy. We apply a theoretical economic policy analysis approach to assess the impact of the country's policies used since 1980 on the growth and development of the financial sector. The research data used in the study were mainly drawn from monetary policy statements (MPS) and national budgets for the period under investigation.The economic policies used were found to be very good in theoretical principle but their politicization, nepotism, corruption, and lack of financial back-up led to inconsistencies and their negative impact on growth and development prospects of the financial sector since the year 1980.