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*RBZ Accused Of Undermining Economic Recovery* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?ww An economic commentator has accused the Reserve Bank of Zimbabwe of sabotaging the economy through its vice-like grip on the allocation of scarce foreign currency through its network of patronage. In a column for Newsday, Eddie Cross claimed that the destructive role of the RBZ started during the Gideon Gono era and has been continued by his predecessor John Mangudya. He writes: ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > Under the new dispensation, the first sign of trouble came in the monetary policy statement issued by RBZ governor John Mangudya just before Christmas. > In that statement was a single, short statement that the central bank was to establish a Monetary Policy Committee (MPC) which, in future, would be responsible for monetary policy, independent of the governor and the Minister of Finance. > This is standard practice in all countries with a stable currency. I heard a rumour that this inclusion in the statement has been forced on the governor by the new minister and his team. > … The struggle intensified in the first quarter of 2019. Eventually, Mnangagwa himself was forced to intervene between the two arms of government and he dictated a compromise. > The result was the Monetary Policy Statement issued five weeks later than promised and containing the words “willing seller, willing buyer”. > Like the sentence including the announcement of the formation of the MPC, this was included over the strong objections of the RBZ. Related: Monetary Policy Statement Is Rubbish – David Coltart Churches Demand Apology From Mangudya Over Bond Note Fiasco Mangudya Mocks Mthuli, MPs, Says They Are Ignorant Govt Will Not Sell Forex At Black Market Rates- Mangudya More: Newsday _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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