Former Reserve Bank of Zimbabwe governor Gideon Gono told The Standard he had to print money even when he knew it would cause hyperinflation because the government was desperate to prevent a coup by hungry soldiers.
He said the soldiers were willing to stage a coup to get food. Said Gono:
If we had not done what we did printing money and allowing inflation to skyrocket, then the men and women you see in those beautiful uniforms, they were ready to get out of their barracks. Operation Restore Legacy would have happened much earlier, but not one that we would have been commanding ourselves. It would have been a ‘restore legacy’ that would have been commanded from elsewhere.
Gideon Gono is the former Governor of the Reserve Bank of Zimbabwe (RBZ) a position he was in from 2003 to 2013. He is also former CEO of the CBZ Holdings, formerly known as the Commercial Bank of Zimbabwe, and Jewel Bank. Gono is known... Read More About Gideon Gono
Operation Restore Legacy is a military operation which triggered the demise of Robert Mugabe who had been the sole leader of Zimbabwe for thirty-seven years since the country attained independence.The operation attracted a lot scrutiny, locally, regionally and Internationally.The Military claimed it was not a... Read More About Operation Restore Legacy
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