Pindula
Register Login

Biti Disputes Mangudya, Says There Is Enough Forex To Redollarise

Biti Disputes Mangudya, Says There Is Enough Forex To Redollarise

Former Finance Minister Tendai Biti has disputed Reserve Bank of Zimbabwe (RBZ) governor John Mangudya’s assertion that Zimbabwe does not have enough US dollars to fully dollarize.

In his Monetary Policy Statement on Monday, Mangudya said it was wrong for Zimbabwe to totally abandon its currency in 2009 as the country did not have sufficient foreign exchange liquidity to meet its foreign currency commitments.

However, speaking during an interview with NewZimbabwe.com on Tuesday, Biti said there is sufficient foreign currency liquidity to support dollarisation, only that the money is being misused. Said Biti:

That is not correct. In his own statement yesterday (Monday) he is boasting that deposits in private companies are US$9 billion, so you cannot tell me that if such money is allowed to circulate there is not sufficient money.

We have got lots of it, he is also boasting of a current account surplus in that same statement, when you have a current account surplus it means that you are exporting more than you are importing, therefore your current account is positive.

So, it is not a question of the supply of US dollars, it is a question of how that money is being used.

They are wasting their time in supporting an expensive non factional auction system that is taking US$40 million a week on the auction systems.

No government can afford that. Abolish the auction system, redollarise, stop taking people’s money through exports surrender requirements and most importantly stop corruption.

They are stealing money out to Mauritius; they are buying houses for their wives and jets for their children and that is the problem.

That statement alone John said there is now US$9 billion sitting in accounts and when the money sits in an account it belongs to the bank and it can do whatever it wants, so there is lots of money in Zimbabwe.

When I left, I left US$6.5 billion, and they actually now have more than what was there during the time of the GNU when the US dollar was working.

More: NewZimbabwe.com


Share Article

Sponsored

More

34 Comments

》》》 3 months ago

if what Biti says is the case, then E.D. probably wants to redollarise at the last minute b4 2023 elections as a campaign strategy. be warned, however that the carrot dangled b4 us will only be temporary as it will be removed after zanu pf is voted into power.


Ta@aa 3 months ago

Nyika dzirikushandisa mari dzadzo hadzina humbavha sehwezanu uye hurumende dzadzo dzakaiswa nevanhu kwete zvemuno zvekuzvigadza nechisimba iwe wadyiwa .Hakuna munhu anoda kuisa mari yake munyika munehurumende inotonga nedemo yehudzvanyiriri


Kobus 3 months ago

Zvekuda kuvimba nemari yedzimwe nyika iyi haaa hazvibude coz tosvikepi look Zambia Mozambique etc havana kurasa mari yvo nekuti yadhakwa vakaramba vainayo kusvikira now is performing better since zvatashandisa usd paUNITY GOVERNMENT chatakagona kwaive kudya chete but development pasina kana kana by that time taitoti pamwe ndopachasimuka maindustries but hapana kana kana .


our Zim 3 months ago

Zambia SA Malawi Botswana Mozambique vane dzavo Mari koo tadii kusiya zveUSD toumba nyika itsva ine Mari yayo yega kwete zvirikuitwa neZanu zvetuBond utwo


our Zim 3 months ago

nhai vaBiti tozviziva kuti ED neZanu vatadza nyika ino asi tiudzeiwo kuti Kushandisa usd as our curency zvinoshandei in the long tinozogona here kurisiya usd to our own currency.Iriko here nyika yakambishandisa mari yeimwe nyika ikazowe yakambudirira.Swi tisingapanani mazano ekuti tiwe neredu dollar sezvakare zviya tisabata Mari dzevamwe


Bright 3 months ago

Umm iwe Namibia inoshandisa Mari ipi iwe

3 months ago


Sponsored

More
Shampoo 3 months ago

ZANU PF iParty ye Mbavha. Hanzi hatikwanise ku dollarisa asi ivo ma dollars vachidya vega. Basa rekubira
government.

CCC ndiyo yatava kuda. Tidye tichiguta.


Shampoo 3 months ago

ZANU PF iParty ye Mbavha. Hanzi hatikwanise ku dollarisa asi ivo ma dollars vachidya vega. Basa require government.
CCC ndiyo yatava kuda. Tidye tichiguta.


Shampoo 3 months ago

ZANU PF inozviziva kuti Biti anogona. But unfortunately he can't join a Party of Thieves and Corruption. Party inoita basa reku mbunyikidza vanhu. Mashefu achidya ega. Nxaaaa!!!


Bounty Hunter 3 months ago

kauchida kuona kuti social media inokurwadza just oppose chamisa kkkkkkk unopafa


Destro Movietory 3 months ago

Biti is right


Sangoma 3 months ago

ZANU WOYEEEEEEEEEEE


C4R 3 months ago

he is right but anamusorobhangu havaskuda izvozvo


Vybz Kartel 3 months ago

Kana Biti is so wise about nyaya dzemari he should join Zanu PF oita zvaari kutaurwa nekuti CCC haisi kuzotonga nyangwe zuva rikabuda kumadokero. Anyway Zanu PF doesn't associate with sellout's


3 months ago

3 months ago


3 months ago


bounty Hunter 3 months ago

ok


Tiritose Matetakufa 3 months ago

Zimbabwe should talk with the South African government to allow us use the Rand since we already import 90% of our products from Mzansi; also it will become easy for the more than 3million Zimbos in RSA to remit money back to Zimbabwe


Sponono 3 months ago

RSA kudiii tati Ngaapinde Hake Mukomana ane plan uyu

3 months ago

Anonymous 3 months ago

We also have a bunch of black greedy looters stealing money into offshore acvounts abroad where they go and live wth the bunch of white pple who live on the other side of the globe. KuZim kubasa vanogara abroad those politicians of ours...


123 3 months ago

We may hate the gvt but Biti is also on the wrong. Redollarization is unsustainable. It also limits growths and the whole economy will be dependent on a bunch of white people who live on the other side of the globe. All this to say that redollarization is not worth it


3 months ago

Jombo 3 months ago

Sure

Jinn 3 months ago

Eye ichokwadi chiri straight chisina kana corner


Jinn 3 months ago

Eye ndezvekumama izvi


Tyt 3 months ago

Ko bit i uripi batsirawoka tione powwer rako.


Vladimir 3 months ago

I agree with Biti, the other reason why government won't dollarize is they benefit from printing excessive RTGS so they flood it on the black market for USD, those money changers have bricks of new notes every single day, thats money they use to live their lavish lifestyle


Nelson 3 months ago

zvinoda munhu anotonzwisisa kwete madofo baa Biti is right

3 months ago

Lucky 3 months ago

true facts

😾😾 3 months ago

True that 💯


Leave a comment


Recent News


News Categories



Give us a Feedback