28 September 2017

Zimbabwe: Fire Mangudya and Bring Sanity to Money Markets - ZCTU

Photo: The Financial Gazette Zimbabwe
ZSE (file photo).

The Zimbabwe Congress of Trade Unions (ZCTU) has urged President Robert Mugabe to fire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya for allegedly fuelling the country's currency black market.

Addressing journalists in Harare Tuesday, ZCTU president Peter Mutasa challenged Mangudya to explain how huge sums of money were ending up in the hands of a few individuals while the majority cannot access their funds from banks.

"Replace RBZ Governor John Mangudya with a competitive non-partisan individual who can bring sanity to the monetary system," said Mutasa.

"It is no secret that the country is in this serious predicament largely because of fiscal indiscipline which is being driven by a culture of consumerism by a broke and clueless government that cannot accept that it has failed."

The ZCTU boss accused the Mangudya failing to control the spiralling black market.

"The rise of the black market can only be blamed on the RBZ as the sole authority and government ministers," he said.

"How do we explain the existence of millions of mint crisp bond notes on the streets when the banks are only issuing the smallest coin denominations?"

He added; "It is our view that the reserve bank is responsible for fuelling the black market as no ordinary citizen would access such huge amounts of money when banks have withdrawal limits known to all and sundry.

"As labour, we cannot sanitise this state carelessness with silence for another day and we are calling upon our constituency and every right-minded Zimbabwean to condemn this genocide on our people by any means."

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