News

Reserve Bank Gideon Gono received the Ig Nobel Prize in Mathematics on 1 October 2009 for “giving people a simple, everyday way to cope with a wide range of numbers – from very small to very big – by having his bank print bank notes with denominations ranging from one cent ($.01) to one hundred trillion dollars ($100,000,000,000,000)”.

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Central bank governor Gideon Gono was reported to have moved into his new 112-room mansion on the outskirts of Harare.

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Central bank governor Gideon Gono reportedly told The Herald that the International Monetary Fund had finally agreed to give Zimbabwe $500 million after months of behind the scenes interaction with the Reserve Bank of Zimbabwe when in fact this was a new allocation of special drawing rights to all IMF members.

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An increase in armed robberies had forced many people to deposit money in banks for the sake of security otherwise most Zimbabweans were still sceptical about putting their money in banks.

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Central bank governor Gideon Gono clashed with Finance Minister Tendai Biti over the $500 million in special drawing rights granted to Zimbabwe by the International Monetary Fund in August 2009 because Gono regarded it as a windfall while Biti urged caution saying the money should be used to reduce the country’s arrears with international financial institutions.

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A bill that will clip the wings of the Reserve bank of Zimbabwe governor is before parliament but critics fear that the bill was personalised and might have to be amended to create a more independent central bank.

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Although Zimbabwe’s economy had progressed tremendously in the first seven months of 2009 with revenue increasing from US$4 million in January to US$90 million in July, Finance Minister Tendai Biti told a United States treasury official Andy Baukol that Zimbabwe was still a failed state.

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The head of an International Monetary Fund mission to Zimbabwe Vitaly Kramenko said the Reserve Bank of Zimbabwe remained problematic but the continuation of Gideon Gono as central bank governor and board chair was not critically important as long as the rest of the board was made up of strong, independent members.

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President Robert Mugabe could not fire central bank governor Gideon Gono and attorney general Johannes Tomana because Gono still provided Mugabe with funds while Tomana was a useful tool to harass and distract political opponents.

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Transport Minister Nicholas Goche told United States ambassador to Zimbabwe James McGhee that he was happy with the cooperation between the Zimbabwe African National Union-Patriotic Front and the Movement for Democratic Change but admitted that the inclusive government had not found favour with the heads of the security forces.

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