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RBZ Has No Appetite To Raid Foreign Currency Accounts - Mangudya

RBZ Has No Appetite To Raid Foreign Currency Accounts - Mangudya

The Reserve Bank of Zimbabwe (RBZ) has dismissed concerns raised by the Confederation of Zimbabwe Industries (CZI) in a paper issued by the organisation on Friday.

Among other things, CZI called for the suspension of the foreign exchange auction system and also accused the RBZ of raiding foreign currency accounts.

However, in a statement on Saturday evening, the RBZ dismissed the allegations as unfounded and urged the public to disregard the CZI’s claims.

Pindula News is publishing the statement issued by RBZ governor John Mangudya dismissing allegations made by CZI below:


On 22 April 2002, the Confederation of Zimbabwe Industries (CZI) issued a paper that it styled as an urgent engagement paper on the currency situation in the country.

In that paper, CZI called for, inter alia, the suspension of the foreign exchange auction system and alleged that a mono-currency system was in place and also made unfounded references to “raiding” of foreign currency accounts and a bank run.

The Reserve Bank of Zimbabwe (the Bank) wishes to draw the public’s attention to the fact that the contents of the CZI paper are a response to rumours and not based on facts on the ground.

The contents of the said CZI paper and the impressions depicted therein are unfortunate and uncalled for as they have the potential to destabilise the financial markets and the economic stability of the country.

For clarity and avoidance of doubt, the Bank advises the public that:

  • Government and the Bank are committed to an orderly de-dollarisation process and hence it is false that a mono-currency system is now in place.
  • The foreign exchange auction system remains in place and will not be suspended as doing so will cause shortages of goods in the market and abet inflation.
  • All foreign exchange accounts are safe and the Bank has no reason or appetite to “raid” the accounts as alleged in the CZI paper.

The Bank has also noted with serious concern that CZI has published the paper without engaging it to establish the veracity of the rumours that motivated the paper.

Consequently, CZI has created a negative impression that has the effect of stocking market confusion and inflation.

The Bank is always at the disposal of stakeholders, including CZI, for discussion and dialogue with a view to fostering the interests of industry and the economy and avoiding causing market instability.

The Bank, therefore, advises that the contents of the CZI paper in question should be disregarded.

More: Pindula News

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Sean 2 months ago

It is absurd when a Apex bank governor fails to have clear vision and function as a mere spokesman.Why beat about the bush, it's clear he has no control over the issues at hand.That Bank is now a wallet of the elite who serve their own priorities over national concerns. It is so sad.Now when business try to keep afloat salvaging the little forex they can that is when the bank is active to punish and impose hefty fines.Follow the real Dutch auction and sail through.

bangbang 2 months ago

2008 scenario or even worse cmng the guys have failed to deliver better GNU if Chamisa agrees this is disgusting ngaapinde mukomana nyika inake

😫 2 months ago

year 2008 is back. everything is going to perish

Jah🇿🇼Tsvarie-07 2 months ago

RBZ you are failing to give foreign currency to industry for purchase of raw material and that alone has made CZI lose faith in it, As industry employees we listen to CZI coz what they say is what's on the ground. There is no forex industry can't pay wages/salaries and are applying for three working days per week, the reason being Mangudya has no forex or he has it its being given to the elite 🤔

Companies tell employees of what is happening at your auction floor namely
say you want $30 000 its staggered
or sometimes you are told that your application is not properly done, yet their last application when they got their staggered $3000 they used the same application and system 😀

Now we dont know who to listen to, a big BUT if a company closes because there is no material you believe them, and if its a lie get them arrested instead of arguing about a thing coz if every little thing can be alright then we wont worry about that thing 🇯🇲 BOB MARLEY 🇯🇲

Tio 2 months ago

Ndochokwadi , CZI Ndovaridzi vena companies and they know and people should trust them. Rbz cant supply the necessary forex. And a phd holder in Economics says ma bond arikunstsa kushanda and we will not dollarise wotoshaya kuti dzakanatsa kuyenda kuchikoro here idzi

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