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.