The statement of the Governor of the RBZ contained in the Herald today demonstrates the poverty of sound leadership we have today. The policy is flawed in multiple ways: 1. The admission that RTGS fuel is half the price of US$ fuel means there is a massive unsustainable subsidy.
The Governor ignores that allowing US$ fuel is just the tip of the iceberg – the entire country is re-dollarising before our very eyes because of the abject failure of the Zim $ which was reintroduced prematurely before business confidence in the RBZ had been restored.
Enforcement of laws making RTGS/Zim $ the sole currency is now impossible. A government cannot discriminate between different sectors of the economy compelling some to use Zim $ and allowing others to trade in US$. That is a clear violation of section 68 of the Constitution.
Finally, the entire tenor of the statement undermines confidence – phrases such as “hope to conclude within 5 years, all things being equal” do not induce confidence & are also wrong. The US $ was banned overnight, so there was no 5-year policy. This is an admission of failure.
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