Parly to summon RBZ bosses over forex

THE parliamentary portfolio committee on Finance and Economic Development will summon central bank officials responsible for handling foreign currency amid allegations of misappropriation of the foreign exchange.

BY TATIRA ZWINOIRA

John Mangudya

John Mangudya

The allegations, which surfaced when Finance permanent secretary Willard Manungo and central bank governor John Mangudya appeared before the committee on Monday, came at a time when the economy has been experiencing foreign currency shortage. The monetary authorities attribute the cash shortage to a mismatch between exports and imports.

Harare East legislator Terrence Mukupe asked Mangudya whether he would allow the committee to summon some of his officials for a public hearing to question them based on information they had.

However, committee chairperson David Chapfika said they did not need Mangudya’s permission as the RBZ fell under the committee’s purview.

“So then we will call these senior officials at the RBZ [Reserve Bank of Zimbabwe] to come for a public hearing and ask them whether they are doing that [misappropriating cash] and if they are, we will look into that,” Mukupe said.

Prior to that statement, Mukupe had expressed doubt on whether Zimbabweans had faith in some of the RBZ officials.

“When we hear of things that some of your officials are doing it is up to us to hold you accountable and look into them,” he said.

The legislator had questioned whether Mangudya was conducting regular lifestyle audits to make sure that his officials were not misappropriating funds.

However, Mangudya neither confirmed nor denied whether any lifestyle audits were done on his subordinates, but reiterated his confidence in his team.

“If any of the officials are doing such acts [abusing their positions] then please bring it to my attention and they will be looked into,” he said.

This comes as the central bank recorded $2,4 billion in foreign currency that has arrived into the country between January and May 31 this year from mainly exports and diaspora remittances.

Of the foreign currency received during that period, RBZ retained about 30% with Mangudya highlighting they could account for that portion of the funds and not the 70% kept by banks.

“On our books there should be enough cash circulating in the economy, but we are finding that is not the case due to market indiscipline,” he said.

15 Responses to Parly to summon RBZ bosses over forex

  1. Richard Deschain June 14, 2017 at 9:10 am #

    People basically have no trust in the bank system and the current government. People would rather hold on to their money or even externalise it. I have no doubt if there ever was a change of government that people trust, shortage of cash would disappear almost overnight.

  2. Mcauley June 14, 2017 at 9:52 am #

    Spot on Richie!!! RBZ is hiding behind fingers pointing to their own externalisation of funds ko ndivo vanayoka mari yekutambisa. RBZ is crying more than the bereaved! USA should be the country that complains of externalisation because whole countries use its currency but we never hear USA complaining!! Many people keep USD in their homes even in USA-Drug peddlers, RnB singers, or others who are in illicit trade and other individuals who prefer cash. RBZ have dirty cards up their sleeves!!

  3. Gatsheni June 14, 2017 at 1:12 pm #

    who z externalizing bond notes

    • Zlatan June 14, 2017 at 2:26 pm #

      kkkkk, tambai mushe

    • Richard Deschain June 14, 2017 at 3:00 pm #

      Gatsheni, don’t be a prick or you are just dumb.

  4. Prince mbambo June 14, 2017 at 4:23 pm #

    Yaaaa zim what’s good about it will this country be a breadbasket of Africa again if we may ask ourselves ?

  5. Taura June 14, 2017 at 4:40 pm #

    ITS BECAUSE OF BOND NOTES, MANGUDYA WAS TOLD BOND NOTES WILL CHASE AWAY GOOD MONEY, ZVINO NDEZVIPI? YOU CAN FIND USD OR THE BOND NOTE ITSELF. THE ECONOMY IS DEAD, SALES ARE DOWN COZ THERE IS NO MONEY.

  6. Taura June 14, 2017 at 4:42 pm #

    ITS BECAUSE OF BOND NOTES, MANGUDYA WAS TOLD BOND NOTES WILL CHASE AWAY GOOD MONEY, ZVINO NDEZVIPI? YOU CAN’T FIND USD OR THE BOND NOTE ITSELF. THE ECONOMY IS DEAD, SALES ARE DOWN COZ THERE IS NO MONEY. WHO WILL GO TO BANK THEIR USD WHEN YOU CANT GET THEM BACK WHEN YOU WANT THEM.

  7. Taura June 14, 2017 at 4:43 pm #

    ECONOMY CHIWORORO, ZVINO KUZOTI ZANU YACHO IMBAVHA.

  8. Munyaradzi June 14, 2017 at 5:02 pm #

    Externalisation is a term only unique to Zim. In fact externalisation if at all it exists should be good because it revs up the demand and therefore the external value of a currency. Also unique to Zim is the term market indiscipline. Markets are not deceivable whatever propaganda one brings about

  9. mudhara manga June 14, 2017 at 5:27 pm #

    Financial discipline is the whole mark of progress. Always be positive in whatever you do.

  10. gomala June 14, 2017 at 10:49 pm #

    Kkkk. Zim is a beneficiary of externalised dollars from The Federal Reserve of The United States of America.

  11. chauke June 15, 2017 at 1:26 am #

    True that Gomala
    Mangudya and company printing bond notes and taking away equivalent USD to their safe houses in Borrowdale. Then they cry all day about our indiscpline

  12. Dakarai Mlambo June 15, 2017 at 6:55 am #

    Mutape Mangudya just pay for our equipment and chemicals isu maMasters students peyani

  13. Madzbaba Amos June 15, 2017 at 12:26 pm #

    Apa CBZ iri kuramba kuti tiite swipe/deposit school fees nema cards juss imagine , system z down-kuti vhara-so isu toiwanepi liquid cash yacho nxaaa!!! Plastic money yenyu haisi kusevenza iyi,normal retail transaction pricing system z up by 15% ,unozvionawo here iwe Finance Dokter? RTGS also more expensive than POS NXAAA!!!

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