Parliamentarians Move Motion To Limit RBZ Powers And Functions

Former Finance Minister, Tendai Biti who is also the Vice President of the opposition MDC led by Nelson Chamisa has proposed that some functions and powers be removed from the Reserve Bank of Zimbabwe.

Biti opined that the central bank was everywhere in the economy already a set up that is likely to stifle the economy. Speaking during a debate in the National Assembly on the second reading stage of the Money Laundering and Proceeds of Crime Bill, Biti said:

Two weeks ago, I presented on behalf of the PAC a report on the omissions of the RBZ. We made a recommendation that the footprints of the RBZ were too much in the economy because they are responsible for distribution of foreign currency, export requirements, subsidies and issuance of Treasury Bills, lending and borrowing.

PAC recommended that section 6 of the RBZ Act should be amended so that their functions are issuance of foreign currency, management of the monetary policy statement, management of the payment system and a banker of last resort.

He claimed that the RBZ itself needed to be investigated for corruption therefore it cannot house the Financial Intelligence Unit.

His remarks come when there are pending cases which suggest that the RBZ violated Public Finance Principles, for instance, by borrowing without the approval of the Parliament.

More: News Day


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.

News On WhatsApp

Tap to join WhatsApp Group(no discussions)
https://chat.whatsapp.com/8tvmyfcJ2YeDMG8wW7c2O6

If you find the group full, please notify us on +263 777 784 119 or +263 732 464 000.

Comments

Back to top

One Comment on “Parliamentarians Move Motion To Limit RBZ Powers And Functions

  1. Like many in parliament Biti seems to be painfully unaware that central banks are required to have FIUs if a country wants to be part of the international financial world. If it is got rid of you wont be able to transfer 10 cents

Write a Comment

Your email address will not be published.