Former Finance minister Advocate Tendai Biti has weighed in on the multi-currency system ban that was imposed by SI142/19 yesterday. Calling it the Sarajevo incident, an incident in history that directly led to the first world war, Biti said the current administration has outlived its usefulness. Writing on his twitter the MDC VP said:
Years after Emmerson & his lot are gone SI 142 of 2019 will be remembered as the turning point.Their Sarajevo.That moment it became clear even to the most ardent,that they had outlived their usefulness.That they had become a threat not only to the country but to themselves too
A currency is a mirror of the national economy. It reflects output. It reflects the current account . It reflects confidence . and fundamentals. It is absolutely insane to de- dollarize without production , without reserves & with a confidence deficit .It is politics .
Biti is viewed by many especially those in the opposition circles as one of the best Finance Minister because of his tenure during the GNU when things stabilised till 2013. In February Biti claimed that the RBZ was planning on introducing a new currency which the RBZ denied but abolished the 1:1 rate and allowed the RTGS to float freely against the dollar.
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
Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a "real time" and on a gross basis. Settlement in "real time" means a payment transaction is not subjected to any... Read More About RTGS
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