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Zanu official blames RBZ for crisis

A senior Zanu PF official on Friday claimed that the Reserve Bank of Zimbabwe (RBZ) printed over $1 billion worth of bond notes instead of the $200 million that is backed by the Afreximbank.

By Brenna Matendere

Zanu PF Midlands provincial spokesperson Cornelia Mupereri made the allegations during a Zimbabwe Union of Journalists-organised discussion on the post-election period in Gweru on Friday.

“We were told that RBZ was only going to print bond notes worth only $200 million because that was the amount of money in United States dollars that backed the notes as bond,” he said.

“However, from the intelligence the party has gathered, we hear they have printed over one billion.”

Mupereri said the development was one of the reasons why there was a shortage of foreign currency in the country.

“So, what we are saying is that as Zanu PF, we have resolved that henceforth we will be supervising government. We will be summoning top government officials to come and explain their activities to us at the party level,” he said.

“We have realised that while we draft manifestos and set policies before elections, those that are deployed in government by us sometimes fail to execute our policies and at the end of five years the party is blamed for not performing well and to the satisfaction of masses.”

Mupereri distanced top Zanu PF officials from the foreign currency parallel market, claiming rogue elements were behind money changers.

“There are people who just use names of top officials to cover up for wrongdoing,” he said.

“In my case, I know there are people using my name to cover up for corrupt activities. That’s not good.”

RBZ governor John Mangudya yesterday dismissed Mupereri’s claims, saying the Zanu PF official was spreading fake news.

“That is completely untrue and I am so concerned. It is fake news,” he said.

“Like I indicated in my monetary policy statement, we have $400 million that is circulating and we are not printing more than that.

“I do not know what the party spokesperson is up to. You media have been writing a lot of negative things about us.

“Your headlines are not progressive. We are trying to stabilise the market and we do not want such things published.”

The RBZ boss has been consistent that bond notes would not be printed in excess of the amount backed in US dollars to avoid hyper-inflation.

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