MDC says monetary policy and fiscal measures are a toxic concoction


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The Movement for Democratic Change has accused the government of introducing a new currency through the backdoor which is in violation of the Reserve Bank of Zimbabwe Act.

In its reaction to the monetary policy statement released by central bank governor John Mangudya yesterday in which he re-introduced foreign currency accounts, the MDC said: “We have always stated that the bond note must be repealed, that would be the end of story. The move to create two types of accounts borders on illegality, such acts must never happen in a democratic society.

“The government is introducing a new currency through the back door in violation of the RBZ Act with all its flaws.”

Below is the MDC statement in full

Monetary Policy and Fiscal measures a toxic concoction

Two grown men teamed up to accelerate and exacerbate the already unpalatable suffering of the Zimbabwean people. Zimbabweans who have lost all but hope tuned into different media platforms expecting relief only to get a kick in the teeth.

The MDC is disappointed but surprised by the so-called measures by both Mangudya and Mthuli Ncube.  They border on sheer arrogance, narrow selfish interests and utter ignorance of how to turn around the status quo.

Yesterday Zanu PF sharpened the robber state. A shameless announcement of raft meant to pick-pocket the poor in a bid to fund the lifestyles of the political elites. Firstly the charges announced yesterday on electronic transactions in an attempt to create fiscal legroom for treasury are just but day light robbery.

They are an encouragement for creative transactions and fuel for black market.The citizens will just reject spheres accessible to the state and reorganize themselves in autonomous spaces dealing a serious blow on revenue collection.

Secondly Zanu PF can’t be the one to punish electronic transactions when they have been celebrating a cashless economy. As a matter of fact notes and coins contribute a paltry 2% of broad money supply as per official statistics from both the Treasury and the RBZ.

More importantly this is a war being declared on a particular class of Zimbabwe, the working people.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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