‘ZESA, Fuel Barons Fuelling Rise In Black Market Rates’

The country’s power utility, ZESA and fuel barons have been fingered in the recent dramatic fall in the value of the RTGS dollar on the parallel market.

Former cabinet Minister Jonathan Moyo, who has been living in forced exile since the November 2017 military coup that ousted longtime President Robert, claims that RBZ’s fictitious interbank market rate has forced businesses to source foreign currency from the streets.

Writing on Microblogging site Twitter on Saturday, Moyo said:

The dramatic upswing of the rate at $5.8 publicly and actually $6.0 for industry OPENLY buying from dealers has been spawned by ZESA and FUEL BARONS who have forsaken the Reserve Bank of Zimbabwe’s fictitious interbank foreign currency market to scrounge real bucks from the parallel market!

However, a Zimbabwean-born businessman, Mutumwa Mawere disagreed with Moyo’s assessment. He wrote:

The idea that this or that baron is the problem diverts attention from the real impact of policies that offend the fundamental principles that speak to the aspirational aspect of human life.

The substitution of consent by command antics necessarily produces distortions and winners.


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Jonathan MoyoMutumwa MawereReserve Bank of Zimbabwe

Jonathan Moyo is a Zimbabwean politician and former member of the ZANU-PF party where he was a member of the party's Politiburo. He is also the former minister of Higher and Tertiary Education. Moyo was expelled from Parliament as the (Tsholotsho North) Legislator in November... Read More About Jonathan Moyo

Mutumwa Mawere is a Zimbabwean entrepreneur who is based in South Africa. In 2004 Mutumwas was accused of defrauding the Government of Zimbabwe and the government tried to extradite him from South Africa and did not succeed. Mawere's businesses were 'specified', however, Mutumwa accused the... Read More About Mutumwa Mawere

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

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