Parliament Summons Mthuli Ncube Over Gold Coins

The Deputy President of the Senate Mike Nyambuya has summoned Finance and Economic Development Minister Mthuli Ncube to Parliament to present a ministerial statement explaining the purpose of soon-to-be introduced Mosi-oa-Tunya coins (gold coins).

This comes after the leader of government business in the Senate Monica Mutsvangwa failed to “satisfactorily” respond to questions on the issue from senators. Mutsvangwa said:

The fundamentals of the economy are in the right place, the issue of the gold coins is a clear plan to move the economy forward.

The issue of the introduction of gold coins is meant to provide a store of value and strengthen our local currency and minimise the volatilities of the exchange rate.

I think it will be better for the Minister of Finance to come up with a paper in this August House to talk in detail to the last point.

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Nyambuya then ordered that Ncube has to come to the Senate to address questions on the coins. He said:

We need the Minister of Finance to come here and address the Senate. These issues have been outstanding for a long time.

Make sure that in the next sitting he has to be here to answer the questions.

The Reserve Bank of Zimbabwe (RBZ) said the gold coins will be introduced on 25 July and will be used as a store of value among other things.

The gold coins were named after the mighty Victoria Falls on the Zambezi River, which are known locally as “Mosi-oa-Tunya”, that is “The Smoke That Thunders”.

More: NewsDay