“You Don’t Understand The Environment We’re Working On” RBZ Tells Parly

Dr Khuphukile Mlambo, deputy governor of the Reserve Bank of Zimbabwe has claimed that the environment in which the central bank operates compel them to act the way they do.

He was responding to questions from the Public Accounts Committee (PAC) chair and former Finance Minister, advocate Tendai Biti during a PAC hearing on Thursday.

Biti had asked why the central bank had issued Treasury Bills (TBs) in violation of the provisions of the Management Act, Budget and the Procurement Act.

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In response, Mlambo said:

RBZ was acting basing on the current political-economic environment which constrains us and it is something we cannot ignore.

We care about Zimbabwe. There is no official that does not operate under such any environment the world over.

You do not understand the environment that we are working on. It is unfair to condemn us. We operate on a particular political environment. It leads us sometimes to make mistakes.

Auditor General’s report suggests that the RBZ issued US$106 million worth of TBs to Sakunda Holdings, twice within a period of four days, but were later omitted in accounting books.

More: New Zimbabwe

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“You Don’t Understand The Environment We’re Working On” RBZ Tells Parly