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Mangudya: Money Is The Root Cause Of All Evil

Mangudya: Money Is The Root Cause Of All Evil

Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya, said that the Financial Intelligence Unit (FIU) is investigating individuals and companies who are putting money on the black market resulting in the depreciation of the local currency, the Zimbabwe Dollar.

He made the remarks while delivering a public lecture at Manicaland State University of Applied Sciences last Friday. Said Mangudya:

Money is the root cause of all evil. Exchange rates are being manipulated because people have money.

That is why the exchange rate rapidly moves from US$1:ZWL200 to US$1:ZWL300 and then to US$1:ZWL400 within a short space of time.

Each day I try to figure out where the money doing rounds on the parallel market is coming from and we now know what is happening.

That is why we had to temporarily stop banks from lending money.

We wanted to see the real culprits pouring money into the parallel market. We monitor the banks to ensure that they have the right systems.

Although the real people who put money on the parallel market are not easy to dictate as they use third parties to do so, our Financial Intelligence Unit is working day and night to flash out these culprits.

Very soon we will expose all their activities and bring them to book.

Our country has a lot of people with delinquent behaviour and I have been wondering where this is coming from and have concluded that our past experiences are now shaping people’s behaviour.

But then we can’t continue living in the past. Let us move forward and build our economy.

Mangudya said the suspension of duty on selected basic grocery items is to ensure the availability of the products at affordable prices. He said:

Opening the borders ensures competition in the market.

Local retailers were increasing prices willy-nilly and we decided to open the borders to ensure the availability of the products and price stability.

If we have more goods on the market, there will be price stability.

The central bank governor also said rising inflation was partly caused by global events as well as drought during the 2021/22 season. He said:

Inflation is going up in every country and Zimbabwe cannot go against the grain. The growth of this economy is related to drought or weather patterns.

When there is drought, the economy goes down, when we receive good rains, the economy goes up.

We expect people to grow more wheat this year so that the economy can continue to grow.

More: The Manica Post

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madhisinyongoro 1 month ago

corruption at its highest level shame puppets of democracy

Tee one 1 month ago

Ko Panmart supermarket (Panonetsa mart) haisi kukwidza maPrice here?

Jah🇿🇼Tsvarie-07 1 month ago

Chinese companies buying scrap pay hard cash from where?
Sports bet pay cash from where?

i heard someone in the bus saying he sold scrap to a chineese company got paid by ecocash but the name was of a Zimbabwean national in government 😂 i couldn't believe that guy...

Mutoriro Movement 1 month ago

And you chose to work with the "evil money"? But to tell you the truth, the most evil thing I. Zimbabwe is your government. Just resign and yu will see all people being happy. So you r e evil 1

dispenser 1 month ago

USA dollar haridiwi Nana Mahindra solution hariprintiki . corrupt Gvt hapana hapana progress kanavakajomba voprinter vosender mariKublack market.


Worzell Gummidge 1 month ago

Read your Bible properly. It's "the LOVE of money" that is reffered to as "the root of all evil" - not money itself. If money is the root of all evil, then Mangudya is the Devil's Governor. Governor of the Root of all evil? In my opinion, not having money is the root of all evil. We all go to work to earn the root of all evil. Pastors & Profits want tithes & offerings paid with root of all evil. EVIL spelt backwards is LIVE. ALIVE spelt backwards is EVIL A. LOVE spelt backwards is EVOL.

John bhasera 1 month ago

Yesaya money itself is the root of all happiness

Mmmm 1 month ago

What a load of verbal diarrhea. You should do the right thing and resign.

The Terraces 1 month ago

Investigations dzacho hadziperi
Asi munotya kuzvibata kai
Muchenjere kusungisa vana vemashefu enyu

Ano 1 month ago

Apa ndangobata kuti ZANU ndoEvil

factos 1 month ago

that's the reason you are (Zanu pf) all evil coz of the love of money

Dr Hercules 1 month ago

John is running out of ideas he should just resign and start poultry farming

1 month ago

Kutotanga hake huku dzemukaka Zvitori nanie

Machiavelli 1 month ago

Please don't insult us poultry farmers.
Poultry farming is not easy as Gono found out at his expense... I bet Panonetsa cannot raise 50 road runners profitably

Asalif 1 month ago

it's not evil 😂😂 were will they go with your useless RTGS which is not recognized on the international money market retailers and manufacturing industry will be needing raw materials and goods for retail since our manufacturing industry is closed so how do they do away with the local currency

Machiavelli 1 month ago

Panonetsa is displaying his monetary illiteracy.
Government paid a Chinese company US$2.8 billion in local currency. That company has no use of Zimkwacha so they offloaded that on the market to get USdollars. Whoever sold the USDollars to the Chinese then tried to preserve value by buying USDollars with the Zimkwacha from the Chinese. That's simple money circulation. It is not because there are too few goods on the market. People are trying to preserve value by buying USD.

It is the shortage of USD on the market and a surplus of Zimkwacha that's driving value of Zimkwacha down.

Mangundla usaite kunge wakadziidza economics kuMoscow where they don't admit the existence of inflation mhani

Error 1 month ago

Ukunyepa chikitiya

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