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Mzembi Claims Mangudya, Chinamasa Misled Mugabe Over His Proposal To Join Rand Union

Mzembi Claims Mangudya, Chinamasa Misled Mugabe Over His Proposal To Join Rand Union

Former Foreign Affairs Minister Walter Mzembi has claimed that Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya, and then Finance minister Patrick Chinamasa undermined his proposal for Zimbabwe to join the Rand Monetary Union (RMU) in 2015, which he believes could have stabilised the economy.

The Rand Union, formally referred to as the Common Monetary Area (CMA), is a monetary agreement with South Africa in which the rand is legal tender in all states, but the other member states (Namibia, Lesotho and Eswatini) issue their own currencies.

Posting on Twitter, Mzembi claimed Mangudya and Chinamasa misled then President Robert Mugabe into thinking that the plan was a scheme to sell the country to Americans. Said Mzembi:

From 2015, I took it upon myself to win over Cabinet, to Zimbabwe joining Rand Monetary Union. Cabinet received my papers on this. I failed.

Later on, Mugabe told me “Chinamasa and Mangudya are saying you want to sell the country to the Americans!”

In 2017 Mugabe asked the two “Do we go with the Mzembi proposal or not, does he make sense?”.

Answer from the two “Yes Your Excellency, he makes sense but he lives well ahead of his time, we will get there eventually”. Subject closed.

End of September 2017, Mugabe discussed the option of redeployment to finance or foreign affairs.

I argued vigorously for the latter pressing that in finance I would struggle to get Cabinet support for a new economic direction – RMU. End of story!

In 2019, President Emmerson Mnangagwa abandoned the multi-currency system that had stabilised Zimbabwe’s economy between 2009 and 2019 and reintroduced the Zimbabwean dollar.

However, the local unit has been in free-fall, forcing Mnangagwa to reintroduce the multi-currency system in 2022.

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g 1 month ago

yaa idea yako yaive yakanaka but factionalism dzenyu ndodzakauraya. Mugabe was too old zvekuti anga akuitiswa plus iwee uri mbavhawo futi . zvaizongodhakwa

The Truth 1 month ago

Being able to print money would have been difficult.

More Truth 1 month ago

....which would have been good for our economy considering our inability to to print a decent currency

worried citizen 1 month ago

so these are not fo development,how can you block a good proposal manje zvavarikuita ndookudini,kudzosa nyika kuamerica asi america ndoomuridzi wemarands nd how this can link with america ayaas,nemufungo uyu hkuna kwatinoenda sure

#101 1 month ago

vana mbavha like chinamasa vairamba the idea becoz there were the ones who were benefitng from the zim dollar ravaiisa muma streets

Maparamuro 1 month ago

Mugabe was not that ****, if he was then the whole zanupf is ****er than him

Deluded 1 month ago

He was so they are.


gogodera 1 month ago

todiniko vana vezim tadzwa nemabond

JJ 1 month ago

ngaapinde haake mkomama CCC

g40 1 month ago

mzembi mu G40 aizotiiko

Mzembi seeking Relevance 1 month ago

As explained by Tito Mboweni in 2007, Zimbabwe did not meet the requirements to become a member of the Rand Monetary Union. RMU is not a burial soceity where anyone can join.

Conquring. 1 month ago

@worried zimbabwean. ,what the guy was saying by 'selling to the americans ' is because SA is business company not a country ,,YU CAN CHECK ON NYSE

Jah🇿🇼Tsvarie-07 1 month ago

If we join Rand Union will they allow us to do what we are doing that is pulling down our economy?

cas 1 month ago

Mzembi usada kutinzwa iwe how truth is that kuti wakavaudza vakaramba ,ko wakaregerei kutaura the very day ravakaramba

zvachinja 1 month ago

Kkkkkkk hamuvazive hre ava vanoda kuzvitii ivo varivo vatengesi ndivo vauraya nyika

Ras Tiraz 1 month ago

If a gvt does not have its own currency then it will loose its ability to print fiat money out of thin air.Essentially all gvts print money not backed by anything and as long as a gvt has the ability to print its own money it will always have the ability to settle debts in its own currency.Using another nation's currency as not as lucrative as it seems

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