MDC Alliance deputy chairperson and former Minister for Finance and Economic Development Tendai Biti said that the legal instrument used by the government to introduce the RTGS Dollars in unconstitutional.
On Saturday, government gazetted a Statutory Instrument (SI) making the establishment of the local bond notes, real-time gross settlement (RTGS) balances and bond coins a separate legal tender. Writing on Twitter on Monday, Biti said:
What a shame !! So ZANU has gazetted the Monetary Policy through a Presidential Decree. That on its own is unconstitutional. Parliament can not delegate its primary lawmaking function and the Presidential Powers( Temporary Measures ) Act Cap 10:20 is clearly unconstitutional.
The Presidential Decree, SI 33 of 2019, authorizes the RBZ to issue “electronic currency” in Zimbabwe. More fraudulently it declares that the RTGS Dollar is an “ electronic currency “and that all bond and RTGS balances as of the effective date ( 22 Feb) are “electronic currency “i.e. RTGS Dollar.
So legally Emmerson and his lot, have conspired, not only to devalue bank balances and wages but to cynically decimate and obliterate same by calling the RTGS and virtual currency. This is surely a bandit State presided over by bandits and highway robbers.
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Zimbabwe RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins. The introduction of the RTGS Dollars was announced by... Read More About RTGS Dollars
Tendai Laxton Biti is a politician and currently one of the 3 Vice Presidents of the Movement for Democratic Change (MDC). He was elected the vice presidency in May 2019 at the MDC Congress. Biti is also one of Zimbabwe's most prominent lawyers. Biti is... Read More About Tendai Biti