Mangudya urges High Court to dismiss Mlilo’s bond notes challenge

In his founding affidavit, the Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya said that Combined Harare Residents’ Association director, Mfundo Mlilo’s challenge on the introduction of the bond notes and the law legalising their introduction, should be dismissed after Mlilo failed to file his answering affidavit in the required two-month period.

Mlilo had listed Mangudya together with President Robert Mugabe and Finance minister Patrick Chinamasa as respondents in the matter. He argued that Mangudya’s actions were unlawful and unconstitutional to issue the bond notes without any cover or reserves, as required by a section of the Reserve Bank Act.

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Bond NotesReserve Bank of ZimbabweJohn Mangudya

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

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