LATEST: RBZ reacts to Finance Minister Mthuli Ncube and RBZ Governor John Mangudya fight reports


The Reserve Bank of Zimbabwe has called upon Zimbabweans to reject reports that there was an angry exchange of words between Finance Minister Professor Mthuli Ncube and RBZ Governor John Panonetsa Mangudya during this week.

“There was no angry exchange of words between the Minister of Finance and Economic Development Hon Professor Mthuli Ncube and RBZ Governor John Mangudya as alleged by the Zimbabwe Independent on the 15th of February 2019.” RBZ said a statement.

The Central Bank said the report was fuel by hatred and people who want to rig the market.

“This is fake news created out of a figment of imagination to create hatred and to confuse the market. The Monetary Policy Statement will be presented when due.”

Earlier this week Former Finance Minister Tendai Biti alleged that the Reserve Bank will be unveiling a new currency this week.

The Central also dismissed Biti’s statements as an attempt to cause panic in the market.

On Friday The Zimbabwe Independent reported that there was verbal showdown between Ncube and Mangudya inside the Ministry of Finance offices

Mangudya had been summoned by Ncube to brief him on the draft policy statement, before he could obtain Mnangagwa’s approval to officially present the monetary policy statement, the Weekly paper reported.

“Mangudya and his team from the RBZ were summoned to Treasury so that he could brief the Finance minister on the draft MPS before officially presenting it last week (February 7). As he was presenting the major highlights of the policy statement, it became very clear that Ncube, even as he sat on his chair calmly, was not impressed.

“Midway through John’s presentation, Ncube interjected, pointing out that the policy statement was not comprehensive and that it did not holistically address the challenges buffeting the economy.

“Ncube spoke calmly but robustly, lecturing Mangudya as though he were his university student, that it would be catastrophic to maintain the equivalent trading ratio between the bond note and the US dollar. Perhaps fed up with being treated like a student, Mangudya rose from his chair, tossed a bunch of papers in the direction of Ncube and left the room with his team in tow. There was deathly silence in the room, and people only became alive to what had happened after JPM (Mangudya) stormed out,” The paper said quoting sources.

— Byo24

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