HomeLocal NewsMangudya grilled over bond notes, SA rands

Mangudya grilled over bond notes, SA rands

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RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya yesterday told Parliament the central bank had no authority to introduce the South African rand, as the country’s official currency or change from the multi-currency system.

by VENERANDA LANGA/TARISAI MANDIZHA

Mangudya said this when he appeared before the Finance and Economic Development Portfolio Committee, where MPs grilled him about the introduction of bond notes and other financial matters.

“The governor has no authority to change from the multi-currency system that we are using to the rand because it takes a long time and such an announcement also shocks the market. So, for now, let us deal with the multi-currency system because it is a flexible system,” he said.

Treasury and the RBZ last week ordered line ministries and parastatals to embrace the multi-currency system for various transactions in light of the current cash shortages.

“What it means is that every institution must be able to accept the rand, euro and other currencies as a form of payment. Government is the biggest customer in this economy, with almost 60% of transactions and there is no reason why they should not accept the rand,” Mangudya said.

He said he would soon announce a new schedule of bank charges after depositors complained of high charges demanded by banks.

“The $200 million incentive will support exports worth $6 billion and it will not be disbursed all at once, but it will be on a gradual basis. Come October, when they are issued, you will not even see the bond notes – maybe you will begin to see them next year because these bond notes will be so scarce because they are meant to incentivise exporters and half of this year it will be $1,8m from the $200m brought into the market.”

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9 COMMENTS

  1. The fact is simple…They want the Bond because it cost them nothing whilst the take our US dollars.Coz apparently only the governor and minister of finance want them…and i have never seen either in the bank ques

  2. This report is rather shallow for its heading, I do not see the indication of grilling that the headline seems to imply! Misleading reporting….as bad as The Herald if not worse.

  3. There is only one phrase that can fully describe this Mangudya clown. “A confused chap” I remember when the bond note was introduced and people were shunning the rand, when the learned clown was asked of this he said that consumers cannot be forced to accept a currency that they do not want. Now this same clown is coming to us trying to impose a bond note to the same people he said are at liberty to chose the their currency of choice. Come what may we will NEVER ACCEPT THE BOND

    • Nothing has changed you are still free to choose any currency you need to use even after the bond notes are introduced you fool

    • Thanks Debra Makuwaza, we need to run, “we will never accept the bond” campaign. While ZANU PF is preaching killing each other, this campaign is an appropriate 21st Century tool to take ZANU PF thugs head on.

  4. So the bond notes are not the ultimate solution to the cash crisis? Tell us your solution to the cash crisis governor!

    • Not as we are made to believe by sekuru va Timukudze probably with the advice of the same Mangudya.

  5. micro finance interest charges should also be slashed along with ecocash and other mobile money transfers

  6. Why do we put our faith in the hands of people with fake PhDs? Gono’s was fake. Mangudya’s is fake. Their Alma mater Atlantic University is not accredited.

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