9th ParliamentBusinessTreasury

Bank notes saga, Mthuli, Mangudya must explain says Parliament

By Staff Reporter

Parliament says Minister of Finance Mthuli Ncube and Reserve Bank Governor John Mangudya must investigate the issue of new banknotes that have been leaked to the black market and give a comprehensive statement to the House next week.

The issue of banknotes flooding the black market immediately after release has become a tradition in Zimbabwe as it has happened even when the government first introduced the Bond Notes a few years ago.

This has seen Zimbabweans suspecting that some people in the banking sector and officials from the Reserve Bank might be the ones buying and selling foreign currency on various streets corners in Harare and other cities in the country.

What has made the situation disheartening is that while banks which got the money from the RBZ were dispensing coins, money changers in the streets were giving the new ZW$2 and ZW$5 notes from sealed packs and had the audacity to take pictures and circulate on social media.

Speaking on the issue in the National Assembly Makonde legislator Honourable Kindness Paradza said the issue of banknotes has shown beyond doubt that there are economic saboteurs in the banking sector that must be exposed and publicized.

“….I rise to inform you that time has come to call a spade a spade. We have saboteurs in our banking sector.  Mr Speaker Sir, we have seen two days ago, sealed banknotes which were already in the black market, yet if you go into the banks – I was one of those who went to collect my cash in the bank and I was given a handful of coins yet we have banknotes which are in the streets.

“Honourable Speaker, these saboteurs are against the President’s economic reforms. The President has been very clear, zero tolerance to corruption.  So, Hon. Speaker, through you, we need these culprits to be brought to book and paraded.

“They must be arrested and publicised.  We need the Reserve Bank, through the Ministry of Finance, to investigate this matter and make sure that next week we get a full statement from the Minister to explain what happened,” he said.

Honourable Paradza added that if the people behind the leaking of banknotes to the black market are exposed and arrested, it will go a long way in building people’s confidence in the country’s banking sector.

“Right now people are not taking their money into the banks because of this current behaviour.  So we hope that the Minister comes here to give us a statement as to what happened,” he said.

In his response, the Speaker of the National Assembly Jacob Mudenda concurred with Honourable Paradza and said: “I shall pass on the message to the Honourable Minister of Finance and Economic Development.”

Since 2009 where they lost their money the country changed from Zim Dollar to the multi-currency system, most Zimbabwe prefers to keep their money at home or buy goods and properties among many other things.

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Daniel Chigundu

Daniel Chigundu is a male journalist in Zimbabwe and has been practising since September 2009. He used to the editor for The Business Connect (newspaper) in Harare, has his own news website Tourism Focus which is biased towards the tourism sector. Daniel is also working with Magamba Network on their project called Open Parliament where they do live coverage of Parliamentary activities on Twitter and Facebook. He is currently the secretary-general of the Zimbabwe Parliamentary Journalists Forum, is a member of Zimbabwe Small Broadcasters Association and a board member of Digital Communication Network. He holds a Diploma in Communication and Journalism from the Christian College of Southern Africa (CCOSA), a certificate in Youth leadership training from the Friedrich Ebert Stiftung (FES), a certificate in Citizen Journalism from Magamba Network and is currently a first-year student at Zimbabwe Open University studying for a Bachelor of Arts Honours in Ethics and Organisational Leadership.

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