Former Finance Minister, Tendai Biti says the Reserve Bank of Zimbabwe (RBZ) should be closed and replaced by a Currency Board as it has failed its mandate.
Speaking on sidelines of a press conference held at his law firm in Harare this morning, Biti said the central bank had been a rogue institution and called for its shutting down.
“In short it is RBZ s quasi fiscal activities monetized through a fiat currency that has created present crises.
“The RBZ has been a rogue Bank that needs to be shut down & replaced by a Currency Board.
“Further in future only competent & qualified individuals should run institutions,” he said.
Biti added that the introduction of a surrogate currency , the bond note on 4 May 2016 marked the beginning of end.
“Bond note was introduced to cover up & monetize money RBZ had stolen from deposits to fund government overdrafts,” he said.
Apparently, Zimbabwe’s local currency has lost its purchasing power with inflation among the top in the world.
Zwnews
