RTGS Dollar Spells Doom For The Economy – Biti

Former Minister for Finance and Economic Development, Tendai Biti said the move taken by the Reserve Bank of Zimbabwe governor, John Mangudya today to introduce a new currency, the RTGS dollar spells doom for the economy. Said Biti:

Modern functional States are founded on trust and transparency. That clearly is not part of the DNA of ZANU. The regime today disingenuously and mendaciously de – dollarized the economy by informally re-introducing the Zim dollar now called the RTGS dollar through the back door.

It is a disaster to embark on currency reform in the absence of key fundamentals to back that currency. These include market confidence, reserves, a decent Capital account, and a stable macroeconomic environment. This is elementary

Regrettably, the economy now enters another period of self-induced shocks that will see salaries and values being devalued, hyperinflation, shortages and queues. What a dog’s breakfast!!!

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2 comments

  1. MUREWA Reply

    LETS PLAY OUR PART, NO POLICY IS 100% PERFECT, BUT LETS COMPLIMENT RBZ. STOP CRITICISM GIVE IDEAS.

  2. godfrey chikowore Reply

    what is the economic development plan to underpin this RBZ policy statement that it actuates and translates financially, materially in the lives of the many who have been betrayed since 1980.

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