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Biti Says RBZ Should Be Disbanded And Replaced With A Currency Board

Biti Says RBZ Should Be Disbanded And Replaced With A Currency Board

Former Finance Minister Tendai Biti said that the Government should disband the Reserve Bank of Zimbabwe (RBZ) and replace it with a currency board.

Biti, who is the Harare East legislator (CCC), said the RBZ has become a rogue and unnecessary institution that is dabbling in quasi-fiscal activities which cost the public.

Speaking at a Zimbabwe Debt Indaba hosted by the Zimbabwe Coalition on Debt and Development (ZIMCODD) in Harare, Biti said:

The elephant in the room is the RBZ and under John Panonetsa Mangudya, it has become a rogue institution.

In my respectful opinion, the country does not actually need a reserve bank. Let us have a currency board.

All the RBZ does is dabble in quasi-fiscal activities which cost you and me. Last year we have had two debt assumptions.

The country’s domestic debt has grown from US$1.5 billion in 2015 to US$3.5 billion in December of 2021. That is not good enough, that is a rogue central bank.

If they are incapable of repenting then we must do something. If they are incapable of Damascus moments then we must do something.

And doing something is drastic. The country does not need a central bank; it needs a currency board.

More: New Zimbabwe


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26 Comments

Dzvamu 2 months ago

Its funny uyu biti hee insulted a Russian national. Ko avo vanoti lice must be crushed pobva pafiwa nekukuvara vakawanda tozotii?


Chen 2 months ago

We need this kind of leadership and tinosvika kure and we can become the bread & butter food security nation again. Kwete anaMangudya wekungoburitsa Treasury bills kupa ana Mukoma Tagwie and facilitation of your syndicates to buy forex at state rate votenga mamines enyika for their own pockets.


bigsam 2 months ago

zanu yawora iyi
Biti taura everything
2023 takaenda takaenda


Vybz Kartel 2 months ago

Wakusvuta mutoriro never will we disband the RBZ. Who will regulate the banks?


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@YoungAcademic 2 months ago

@me ITS THEY ARE TRYING TO REPLACE THE RBZ WITH A CURRENCY BOARD WHICH MIGHT SEAM GOOD BECAUSE ITS CCC DOING IT...BUT ITS ACTUALLY A BAD IDEA WHICH MIGHT EVEN DELIVER UNWANTED HUMILITY TO OUR STATE..
THEY SHOULD SIMPLY REBUILD THE INSTITUTION , INTRODUCE FUNCTIONAL BRAINS , AND ROOT OUT AS MUCH CORRUPTION AS THEY CAN...


Jinx 2 months ago

Why is it a bad idea?

2 months ago


mzaya 2 months ago

*Biti launches fresh bid to block trial, says magistrate biased*

HARARE – Citizens Coalition for Change (CCC) vice president Tendai Biti on Tuesday asked a court to delay his criminal trial pending an appeal to the Supreme Court in a matter in which he is accused of insulting a Russian national.

The Harare East MP argues that presiding magistrate Vongai Muchuchuti and prosecutor Michael Reza have shown bias warranting the matter to be heard by a different team of court officials.

Muchuchuti is expected to hand down her ruling on the application on March 31.

The magistrate previously threw out Biti’s application for her recusal. Biti also lost on appeal at the High Court before he took up the matter to the Supreme Court.

The 55-year-old human rights lawyer wants the trial stayed until the Supreme Court determines his appeal against Justice Tawanda Chitapi’s judgement.

The National Prosecuting Authority (NPA) has however accused him of trying to stall the trial proceedings by manipulating judicial processes.

Reza said their application must fail.

The matter has been hanging since 2020.

Biti is alleged to have shouted unprovoked insults at Ukrainian national Tatiana Aleshina, who is an ****ociate of property tycoon Ken Sharpe.

Aleshina had attended a court case in which building contractor George Katsimberis allegedly defrauded Sharpe, with whom he had entered into a joint venture to


Blabber 2 months ago

Prosecutor Micheal Reza! Crispen Makedenge wekuJudicial services commission😂

Blabber 2 months ago

Despite the “looking down upon others” attitude implied by your tone, @young academic makes sense 99% of the time😂 pains me to admit but its the truth, u seem to know what you say! Thumps up👍👍👌


Heather 2 months ago

Yeah, ataura chokwadi! WaBiti warikutirasikei. And paane danger yekuti tichachema if we keep letting our emotions cloud our thinking. Its true he presided over our finances (ari fin minister) during a period we all wish to relive again, but that doesnt mean we should take everything he says without thinking it through t****ughly, he is not infallible. Ngatichenjererei, and iye biti should be careful, the past is getting to his head a bit too much, he is not a financial expert

mzwazwa 2 months ago

Yes@ "youngacademic" you are right my friend but from my own point of view What is meant here is that the current gvnmnt has failed the economy with the rbz so a currency board can do better for them.RBZ can funtion well under CCC government.So its an advice to those guys


zoe 2 months ago

even the currency board will be at the mercy of Zanu vultures

@YoungAcademic 2 months ago

ITS STARTING TO APPEAR NOW THAT BOTH CCC AND ZANU ARE CONFUSED ON HOW TO DEAL WITH THE ECONOMY...WE ARE CHOOSING BETWEEN ZANU (ACID) AND CCC(DIRTY WATER) TO QUENCH OUR THIRST..OF COURSE DIRTY WATER IS BETTER BUT DAMN, GOD BLESS US


Boss Vedah 2 months ago

@YoungAcademic you seem not to understand economics zvako.

Jinx 2 months ago

Explain, please. Biti's track record speaks for itself. The guy knows economics. On the other hand , Mangudya is running the country like an amateur.

Figo 2 months ago

Interesting

S 2 months ago

ZANU infantry kudzosera Chikweteti che NYIKA. Chikweteti Chacombe chakaitiswei. Zbatiri kungotambura wani? No Jobs. No Industries. 2nd Republic my Foot!!!


Chamatams 2 months ago

Aaaa chikweteti icho Chakaoma. Chachadzoserwa HOW????


CCC🔄 2 months ago

2023 naChamisa takaenda.


❎☝️ 2 months ago

Chatotanga chikomana kutovanyavaidza


Machiavelli 2 months ago

@Young Academic, what currency is there in Zimbabwe today to "regulate"? A pseudo currency in freefall with no name cannot by any stretch of imagination be called a currency. a currency that is shunned by everyone (preferring to use the US$) cannot be regulated because Zimbabwe has no wherewithal to shore up the RTGSL/RTGS $ (either way I can't tell the correct notation)

Me 2 months ago

Hey so called 'young academic' the article says RBZ under mangunda....not necessarily the institution itself or the functions u rightly alluded to but the current RBZ under the leadership of mangunda

2 months ago

@YoungAcademic 2 months ago

EXACTLY WHAT I EXPECTED!!
WHATEVER CCC DOES, ITS SUPPORTERS ARE ASSUMING IT TO BE GOOD, REVOLUTIONARY AND CORRECT..I SUPPORT CCC MYSELF (I HAVE NO OTHER CHOICE) BUT THIS MOVE IS A COMPLETE DISASTER WITH DEVASTATING LONG TERM CONSEQUENCES FOR THE STATE AS A WHOLE

THE FUNCTIONS OF ANY RESERVE BANK IS TO REGULATE THE COUNTRY'S CURRENCY AND SET MONETARY POLICY..IT ALSO REGULATES THE POWER AND INFLUENCE OF FOREIGN CURENCIES IN THE STATE...WITHOUT AN INSTITUTION OF THIS KIND, WE WILL BE LEFT AT THE MERCY OF THE LIKES OF USA, EU, UK....IMPOSING SANCTIONS WILL BE EASIER FOR THEM AND OTHER STUFF LIKE PUSHING THEIR AGENDAS.

A CURRENCY BOARD DOES NOT MAKE SENSE AT ALL AND IT WILL MAKE OUR STATE A PLAYGROUND FOR IMPERIALIST NATIONS LIKE CHINA.THE ECONOMY WIL BE UNDERMINED AND IN THE EVENT OF AN INTENATIONAL ECONOMIC CRISIS, WE WILL BE THE WORST HIT..BITI'S MOVE MIGHT EVEN ATRACT HUMILITY TO OUR NATION!!!

WE SUPPORT YOU CCC BUT INSTEAD OF BUYING A NEW TOY (CURRENCY BOARD) JUST CLEAN THE ONE YOU ALREADY HAVE (RBZ) AND MOVE ON WITH LIFE

DEMOCRATIC MOVEMENT 2 months ago

2023 takaenda.



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