By Lloyd Takawira
Former Finance minister and MDC Alliance vice president, Tendai Biti has rubbished Reserve Bank of Zimbabwe stunt of naming and shaming illegal foreign currency exchange dealers describing the move as ‘cheap and moronic’.
Biti said, “After months of selling the lie of stability, growth& a turn around, imploding parallel market rate has exposed the myth of recoveryIn failed&fragile States the only true indicator of macroeconomic stability is exchange rateIt does not lie. You can rig an election but not the Foreign exchange rate.”
The outspoken legislator added that the government’s name and shame will not rescue the country’s crumbling economy.
“Criminalizing the parallel market does not & has never worked . The parallel market exists because of basic supply & demand laws. It exists because Zim has no confidence in this regime& its currency. Naming &shaming small kapenta is cheap & moronic when everyone knows FX cartels.”
He went on to suggest that Zimbabwe re-dollarizes.
“We restate once more that the Zim$ experiment has failed, that the auction has failedWe must re-dollarize , repeal SI33 & 142/2019,float Zim$ ,replace RBZ with Currency Board, scrap Export Surrender Requirements & ring fence wages,pensions & savings only MDC Zimbabwe can do this.”
Yesterday, RBZ financial intelligence division released a list of individuals accused of illegally trading foreign currency on the parallel market and sabotaging the economy.
Biti Blasts RBZ’s ‘Moronic’ Name and Shame