The Reserve Bank of Zimbabwe (RBZ) says it reserves the right to publish the names of businesses and individuals who have borrowed large amounts of money from banks.
This comes after the value of the local currency, the Zimbabwe dollar has plummeted on the parallel market resulting in an astronomical rise in the price of goods snd services. The central bank said in a statement:
In the wake of manipulation of the exchange rate by some borrowers of large amounts to the detriment of consumers, the Bank reserves the right to publish the names of significant borrowers across the banking sector in the public interest.
Team Pachedu, a group of analysts critical of the Government have challenged the RBZ to publish treasury bills worth billions that ZANU PF benefactor and President Emmerson Mnangagwa’s advisor, Kuda Tagwirei, has allegedly been cashing out. Said Team Pachedu:
First, publish the billions worth of treasury bills that Kudakwashe Tagwirei has been cashing out.
He has been getting forex from RBZ at bank rate and then selling the forex at black market rate.
He is Zimbabwe’s Number 1 currency manipulator.
CCC spokesperson and lawyer, Fadzayi Mahere, argued that the move would be unconstitutional since borrowing is not illegal. Said Mahere:
That would be an unconstitutional infringement of their right to privacy. In any event, borrowing is not illegal. It’s a private commercial contract.
You forget that your grossly irrational policies got us here – now you want to blame banks for doing what banks do – lend. Shameful.
The RBZ blames “currency manipulators”, that is, firms and individuals who divert millions of Zimbabwe dollars to the parallel market to buy US dollars for weakening the local currency.