Mangudya Casts Doubt On Mudenda's '10-member Cartel' Assertion

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has downplayed National Assembly Speaker Jacob Mudenda’s remarks that 10 cartels are responsible for the daily price hikes.

Mangudya was asked by Members of Parliament who are attending the 2020 Pre-Budget Seminar which opened in Victoria Falls on Thursday, why the members of the cartel have not been arrested. He response was:

As for the 10 cartels, I am not sure how the figures are being manufactured but I said 50 per cent of domestic balance is in the hands of 50 corporates.

Whether these are called cartels which I think is a wrong definition, but these are large suppliers and let’s not rush to name before we can define.

While giving his keynote address at the seminar, Mudenda had quoted Mangudya when he accused the 10-member cartel of economic sabotage.

Several weeks ago the RBZ froze the bank accounts of some companies which were alleged to have been involved in money laundering.

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