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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