Former Finance Minister, Tendai Biti has insisted that Mnangagwa’s government intended to introduce a new currency this week. The introduction of a new currency was expected to coincide with the presentation of the Monetary Policy statement by RBZ Governor John Mangudya this week. On his Twitter account, Mr Biti said:
“The regime has been caught with pants down. It is a fact that a new currency has been printed & that negotiations are taking place now with major holders of cash. It is fact that Cabinet has approved new currency despite paternity fight between John & Mutuvi. Now please deny this.”
Earlier today Biti said:
“The regime will this week introduce a new Zimbabwe currency not backed by any #reserves & without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.
“There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.
“Considering the #harm and #damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.”