Ncube Mocks Lawyers Challenging SI 142/19 Which Banned Use Of Forex

Finance Minister, Professor Mthuli Ncube has said that challenging Statutory Instrument 142 of 2019 in a court of law was a waste of time, misguided and unnecessary. Ncube claims that enough consultations with legal experts was done before the reintroduction of the Zimbabwe dollar and the ban of all foreign currencies for domestic transactions. 

Speaking to at a breakfast meeting hosted by Daily News yesterday, Ncube said:

The litigations are misguided. All the actions we have taken are within the law. We consulted with the legal profession both within government and outside, verified that we were within the law. So I am not too sure if it is warranted to be heading for the courts to deal with SI 142, but if people want to do, then it’s their legal right.

In his lawsuit against Ncube, Harare lawyer and businessman Tawanda Nyambirai last week said the law, plus SI 33 of 2019 that introduced the RTGS dollar (now Zimbabwe dollar), eroded the values of people’s monies.

Another lawsuit against Ncube argued that the SI was violating the parent legislation which gave the RBZ authority to make by-laws.

Meanwhile, Reserve Bank of Zimbabwe governor, John Mangudya, who also attended the meeting, revealed that since the SI was introduced a week ago, between US$8 million and US$9 million has been traded on the interbank market and bureaux de change.

More: News Day

Mthuli Ncube

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 and... Read More About Mthuli Ncube

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