Mthuli, Mangudya must resign over RTGS dollars
At least six weeks after Mangudya presented a wishy-wash, self-contradictory and retrogressive Monetary Policy Statement, Zimbabweans are paying the price.
The exchange rate is collapsing every day, the price of the US dollar continues to firm against the fictitious RTGS dollar.
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It is fictitious both by definition and by reality; sadly ED Mnangagwa is creating jokes around it.
He flanks himself with his chief economic aides – John Mangudya and Mthuli Ncube to make terrible economic decisions which worsen the suffering of the citizen.
The MDC finds this unacceptable.
We find it unacceptable for Mnangagwa to insult a currency which he imposed on the people and legislated through the back door by way of an unconstitutional statutory instrument.
He is not only responsible for its creation but the fundamentals around it both the objective circumstances (Trade position or the relationship between exports and imports) and the subjective (The social contract or its absence thereof).
There are unending spikes of prices of basic commodities.
The fuel crisis is worsening.
We made the point that the monetary policy should have removed the role of RBZ in allocating funds for fuel.
The fuel industry has the capacity to import on its own and shortages would not be an issue.
This is also true with any other quasi-fiscal activity pronounced together with the introduction of the so-called RTGS dollar.
Mangudya and Mthuli must resign.
The country requires genuine structural reforms. Sadly and strangely, the man who pretends to be doing this work is celebrating turning the nation into beggars.
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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
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 RBZ
Professor Mthuli Ncube is the Minister of Finance and Economic Development. He was the Chief Economist and Vice President of the African Development Bank, financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland... Read More About Mthuli Ncube