Advertisements

Mangudya Insists Bond Notes Are Not The Problem

3006
Dr John Mangudya

The Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya on Wednesday  defended the continual use of bond notes, arguing that the real cause of problems facing the country’s economy did not have anything to do with  the surrogate currency, but rather was as a result of ballooning electronic balances, which are not backed by productive fundamentals.

State-owned The Herald has reported that Mangudya rejected the call from legislators that bond notes be scrapped as they “have failed,” accusing parliamentarians of lacking appreciation of real causes of the currency challenge.

At a 2019 pre-budget seminar in Bulawayo on Wednesday, Mangudya reminded the legislators  that bond notes had to be introduced in 2016 under a $200 million AfreximBank-backed facility as a stop-gap measure to eliminate the then rampant cash hoarding and externalisation of foreign currency, mainly the United States dollar. The situation was compounded by the $1,35 billion RBZ (Debt Assumption) Act, which was approved by Parliament and signed into law in 2015.

As a result of financial and fiscal indiscipline in the economy, Zimbabwe has sunk into the web of an increasing money supply, spurred largely by the issuance of Treasury Bills, which has provoked inflationary pressures.

Dr Mangudya allegedly admitted that to date, Zimbabwe has registered close to $10 billion electronic balances at banks, which are not backed by real money.

“In that amount, only 4,5 per cent are coins and notes, which is your bond notes and coins,” he said. “Therefore, if we remove them they won’t resolve the problem. The problem is about the 95,5 per cent held as RTGS balances in your accounts. Where is it coming from?”

Dr Mangudya remained adamant that the bloated RTGS balances and not bond notes were causing inflation as they spike spending and pile pressure on little forex reserves.

“So, the question which we should be asking ourselves is where is this money coming from? That’s why we need to plug the holes, not from the medium of exchange that you have taken away from the bank. The money in your account didn’t come from bond notes, not at”, he said.

Also grilled on why the official exchange rate between the US dollar and bond note was at par at 1:1 despite parallel market variation, Dr Mangudya said: “The reason why we have got 1:1 is because there are essential products that we need to import in this economy to have price stability. Our fuel, which is coming here and people are buying it using RTGS, EcoCash whatever it is at 1:1. Your electricity today is imported at 1:1.”

Earlier in his address, Mangudya said Zimbabwe should forge ahead with measures that stimulate productivity to anchor growth.

“There is no economy in the world which can have a strong currency without a strong base.”

“Your currency is as good as your production, and what are you producing Zimbabweans?

“If you are producing nothing you can’t have a higher currency, which is very strong. Therefore, the challenge that you are facing of foreign currency shortages is because we are not working and we must start working very hard,” he said.

Advertisements
3,006 Comments
  1. LesESOX says

    Viagra Rezeptfrei Hamburg viagra online pharmacy Levitra Contraindications Cilas Pills On Line Viagra Generico Andorra

  2. FranNeile says

    Achat Viagra Pfizer En Ligne Prix Du Propecia overnight delivery buy levitra online Amoxicillin Without Presciption Safest Generic Viagra

  3. Randsen says

    Buy Orlistat Online Canada Buy Cheap Tamoxifen Online viagra Propecia Peligro Generic Finasteride Internet Website High On Amoxicillin

  4. StepPsype says

    Cheap Sex Enhancements In Cape Town Propecia Cambio

  5. KelNice says

    Viagra Ohne Rezept Sildenafil viagra online pharmacy Cialis Hermosillo Cephalexin Low Cost Candian Rx

  6. FranNeile says

    Cialis Ne Marche Pas buy generic cialis online Viagra Orders Buying Viagra Online Doha

  7. StepPsype says

    Cialis 36 Stunden Viagra En Espana Cost Of Viagra 100mg Costco viagra Cialis Online Forum

  8. LesESOX says

    Aurochem Levitra Online Shop buy cialis Como Conseguir Viagra En Madrid Tinidazol Propecia Modelo De Utilidad

  9. KelNice says

    5185.1 Cash On Delivery Doxycycline 10mg Provera With Doctor Consult Irvine cheapest brand name levitra Amoxicillin Tr K Clv Tasan

  10. Randsen says

    No Perscription Lisinoprill Le Cialis Acheter Acheter Kamagra Clermont cialis tablets for sale Levothyroxine Without Prescription

  11. FranNeile says

    Effetti Collaterali Viagra Generico priligy precio 2013 Stendra 50mg No Physician Approval In Internet

  12. Jesse says

    I’m not interested in football bestille viagra p nettet Earlier this week, the front month rallied to 20.44 centsper lb on expectations the government efforts may boost pricesabove forfeiture levels. That was the closest prices have risentoward an estimated forfeiture threshold of 20.9 cents sincemid-April.

  13. Simon says

    We’ll need to take up references adams secret 1500mg As a result of the plant’s closing, the U.S. Department of Labor earlier this summer announced a National Emergency Grant of $2,066,314 to provide assistance to affected workers. Awarded to the Texas Workforce Commission, the grant is designed for eligible dislocated workers to receive re-employment services.

  14. FranNeile says

    Achat De Cialis Non Generique Amoxicillin For Sale Online Acquisto Viagra On Line canadian pharmacy cialis 20mg Cialis E Testosterone

  15. Randsen says

    Cialis A San Marino Cialis Giornaliero Generico cialis Propecia En Perros

  16. LesESOX says

    Monohydrate In Cephalexin Achat Tadalis Sx Homme Buy Topamax Without A Script cialis vs viagra Viagra Online Rezept

  17. KelNice says

    Precio De La Cialis levitra with dapoxetine reviews Online Pharmacy Calcis Cialis Besser Levitra Viagra Sales Online In Uk

  18. StepPsype says

    Synthroid No Prescription Usa prospecto de kamagra Zithromax To Buy Uk

  19. Dexter says

    A company car 4 tube porn We agree with European Union Commissioner Michel Barnier who said, “Where the rules of another country are comparable and consistent with the objectives of U.S. law, it is reasonable to expect U.S. authorities to rely on those rules and recognize activities regulated under them as compliant.”

  20. Eugene says

    A First Class stamp spicytranny
    “So I would ask either one of you what are the special plans in the president’s action plan to help address these people who are losing their jobs, ” Rep. Ed Whitfield (R-Ky.) asked EPA Administrator Gina McCarthy and Energy Secretary Ernest Moniz.

  21. Tracey says

    I stay at home and look after the children nudevista.com It put a question mark over the future of nuclear energyalso elsewhere in the world. In Europe, Germany, Switzerland andBelgium decided to move away from nuclear to increase theirreliance on renewable energy.

  22. Rodney says

    I didn’t go to university http://www.elephanttube.com Aged 57, Kelvin says he has no desire to stop: “I love it, but I don’t particularly enjoy the success.” He explains: “I enjoy what I do. I don’t sit back and say ‘God, isn’t it fantastic: it’s so successful’.

  23. Johnathon says

    Other amount lobsterporn Broadcast TV is circling the drain. It won’t be long before all communications are delivered on one pipe. TV Stations, Cable TV Stations, Specialty channels such as Netflix, Amazon, YouTube, etc., and Telephone will all come into our homes on the same wire. It’s all that’s needed, and all these companies are very much aware that this is the way of the future for electronic communications and entertainment. I hope the players involved can get together and agree on the terms required to keep everyone happy, including the consumer.

  24. Cordell says

    We’d like to invite you for an interview xnxx boobs Technology problems overwhelmed the launch of new health insurance markets Tuesday, embarrassing the administration just when the health care law known as “Obamacare” was supposed to be introduced to average consumers.

  25. Amber says

    I’m sorry, I’m not interested gettotube The amended contract runs through June 30, 2017, according to the announcement, shorter than the 10-year deal in the original agreement. In addition, the statement said Penney will no longer own 11 million shares of Martha Stewart Living or have representation on Martha Stewart Living’s board of directors.

  26. FranNeile says

    Zithromax And Bronchitis cialis Cephalexin Capsules Propecia Grupos Sanguineos

  27. Randsen says

    Discount Mail Order Fedex Shipping Fluoxetine Best Website Pharmacy Will Zithromax Treat Sinus Infection canadian cialis Prix Cialis 20mg Boite 8 Buy Overnight Direct Zentel Tab Amex Fedex C.O.D.

  28. oprolevorter says

    Utterly indited written content, regards for selective information.

  29. Melissia Norales says

    Mass parsite http://bit.ly/2W9CVkn

  30. LesESOX says

    Order Trazadone Online Cialis Jeune Homme Acheter Kamagra Uk Toxicity Amoxicillin

  31. StepPsype says

    Propecia Aumento Libido viagra Achat Viagra Internet Danger

  32. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin 500 ? Please help me found
    amoxicillin 500 mg capsule
    Thanks!

  33. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin 500 dosage ? Please help me found
    amoxicillin 500
    Thanks!

  34. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin 500 milligrams ? Please help me found
    amoxicillin 500 mg price
    Thanks!

  35. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin 500 milligrams ? Please help me found amoxicillin 500 mg
    Thanks!

  36. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin 500 mg uses ? Please help me found
    amoxicillin pills 500 mg
    Thanks!

  37. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin pills 500 mg ? Please help me found
    amoxicillin 500 mg uses
    Thanks!

  38. Jerrcygob says

    Hi where i can buy
    http://amoxicillin500mg.club – amoxicillin pills 500 mg ? Please help me found amoxicillin 500 mg
    Thanks!

  39. FranNeile says

    Prix Du Cialis En Andorre viagra Generique Cialis Par Internet

  40. KelNice says

    Keflex Dental Infection Il Cialis Fa Male Real Cialis No Generic cialis 5mg best price Cialis 10 Mg Durata Effetto

  41. Mosesdop says
  42. LidasAt says

    is farmacia italian

    82f8 is professional tadalafi

  43. Shaun says

    I am a mother and I really needed this info thanks!

  44. InnasAt says

    caverta versus is

    70e5 is online illegal

  45. Szloragipt says

    It is altogether remarkable that today I was looking seeing that something to concede me a jerk of happiness. The weird hang-up is that I bring about it in the win initially place. I was struggling to make banknotes to get in touch with my tear paid, and I could not somebody out what to do. Some friends gave me a occasional different options, but I noiseless was not dedicated to those solutions. However, I irrevocably figured out that I just needed to obtain a look at this website to above all my problems: find out more

  46. PlokerFen says

    I was having a the whole kit of irritation, and I was not unshakeable what to do. I gave it a some days until I went to catch a glimpse of my doctor. So I went to picture him, and he exactly told me to inherit greater than it. I was so glad fitting for that explanation because I realized that the professional medical community did not suffering about me more than I concern about myself. Non-standard thusly, I did the investigate and I found the working order to all of my anxiety here: buycbdoilcure.com

  47. TyLip says

    https://megaremont.pro Москва Ремонт квартир

  48. GermansAt says

    original is verpackung

    4a57 which is best is

  49. great site says

    I just want to tell you that I’m beginner to blogs and absolutely savored this web site. Most likely I’m going to bookmark your blog . You actually come with exceptional writings. Bless you for revealing your website page.

  50. viagra tablets

    viagra tablets

    viagra tablets

  51. generic viagra 100mg

    generic viagra 100mg

    generic viagra 100mg

  52. generic cialis at walmart

    generic cialis at walmart

  53. sildenafil

    sildenafil

    sildenafil

  54. Eugene Stockton says

    Ahaa, its fastidious conversation about this piece of writing at this place at this weblog, I have read all that, so at this time me also commenting at this place.

  55. cheap viagra

    cheap viagra

    cheap viagra

  56. viagra for sale

    viagra for sale

    viagra for sale

  57. buy generic cialis

    buy generic cialis

    buy generic cialis

  58. generic viagra

    generic viagra

    generic viagra

  59. generic cialis

    generic cialis

    generic cialis

  60. Doris Hughes says

    Unquestionably believe that which you stated.
    Your favorite reason appeared to be on the web the simplest thing to be aware
    of. I say to you, I definitely get irked while people consider worries that they just don’t know about.
    You managed to hit the nail upon the top as well as defined out the whole
    thing without having side effect , people could take a signal.
    Will likely be back to get more. Thanks

  61. James Wilkins says

    I have been surfing online more than three hours today, yet I never found any interesting article like yours.
    It is pretty worth enough for me. In my view, if all site owners
    and bloggers made good content as you did, the net will
    be much more useful than ever before.

  62. Roberto Lavole says

    Hey there! I’ve been reading your blog for some
    time now and finally got the bravery to go ahead and give you a shout
    out from Atascocita Texas! Just wanted to say keep up
    the excellent work!

  63. Edith Harris says

    Hey would you mind letting me know which web host you’re working with?
    I’ve loaded your blog in 3 different browsers and I must say this blog loads a lot faster then most.
    Can you recommend a good web hosting provider at a reasonable price?
    Thanks a lot, I appreciate it!

  64. Terry Cross says

    I have been surfing on-line more than 3 hours lately, but I by no means found any interesting article like yours.
    It’s beautiful value enough for me. Personally,
    if all website owners and bloggers made excellent content as
    you probably did, the internet shall be much more
    useful than ever before.

  65. Gregory Runyon says

    These are genuinely great ideas in regarding blogging.

    You have touched some good factors here. Any way keep up wrinting.

  66. Juan Russel says

    Hey there just wanted to give you a quick heads up. The text in your post seem to be running off
    the screen in Firefox. I’m not sure if this is a formatting issue or something
    to do with web browser compatibility but I thought I’d post
    to let you know. The style and design look great though!
    Hope you get the issue resolved soon. Cheers

  67. Megan Trutt says

    Hi, I do believe this is a great web site. I stumbledupon it 😉 I am going to
    come back once again since i have bookmarked it.
    Money and freedom is the best way to change, may you be rich and continue to help others.

  68. Edward Kat says

    Thanks for enabling me to acquire new tips about desktops. I also hold the belief that certain of the best ways to keep your mobile computer in perfect condition is by using a hard plastic-type case, or shell, that matches over the top of one’s computer. These types of protective gear usually are model unique since they are manufactured to fit perfectly in the natural outer shell. You can buy all of them directly from the owner, or via third party places if they are designed for your mobile computer, however its not all laptop may have a spend on the market. Once again, thanks for your suggestions.

  69. Sue Evans says

    Hello there! This article could not be written any
    better! Looking through this article reminds me of my previous roommate!
    He constantly kept talking about this. I will forward this information to him.
    Pretty sure he’s going to have a very good read. Thank
    you for sharing!

  70. Kenneth Gross says

    Ahaa, its good conversation concerning this post here at this web site, I have read
    all that, so at this time me also commenting at this place.

  71. Edward Smith says

    It’s very straightforward to find out any matter on web as compared to books, as
    I found this piece of writing at this website.

  72. Stacy Canela says

    I have been surfing online greater than 3 hours today, but I
    never discovered any attention-grabbing article like yours.
    It is lovely value sufficient for me. In my view, if all webmasters and bloggers made just right content material as you probably did, the
    net might be much more helpful than ever before.

  73. Michelle Brito says

    Hi there! Someone in my Facebook group shared this website with us so I came to take a
    look. I’m definitely loving the information. I’m book-marking and
    will be tweeting this to my followers! Fantastic blog and brilliant design and
    style.

  74. sildenafil citrate

    sildenafil citrate

    sildenafil citrate

  75. viagra coupons

    viagra coupons

    viagra coupons

  76. cialis generic

    cialis generic

    cialis generic

  77. generic cialis tadalafil

    generic cialis tadalafil

  78. viagra prices

    viagra prices

    viagra prices

  79. viagra without doctor prescription

    viagra without doctor prescription

  80. cialis cost

    cialis cost

    cialis cost

  81. viagra generic

    viagra generic

    viagra generic

  82. Tommie Green says

    Pretty! This was an extremely wonderful post. Thanks for providing
    this info.

  83. Daisy Hernandez says

    It is appropriate time to make some plans for the
    future and it’s time to be happy. I’ve read this post and if I could
    I wish to suggest you few interesting things or
    tips. Maybe you can write next articles referring to this article.

    I desire to read more things about it!

  84. Eva Loutzenheiser says

    Ahaa, its pleasant dialogue concerning this paragraph at this
    place at this blog, I have read all that, so
    now me also commenting at this place.

  85. John Mcconnell says

    Hi there would you mind letting me know which web host you’re working with?
    I’ve loaded your blog in 3 completely different web browsers and I must say this blog loads a lot faster then most.
    Can you suggest a good internet hosting provider at a reasonable price?

    Cheers, I appreciate it!

  86. Theodore Roble says

    It is perfect time to make some plans for the long run and it is time to be happy.
    I’ve learn this post and if I may I wish to counsel you few fascinating issues or advice.

    Maybe you can write subsequent articles relating to
    this article. I desire to read more issues about it!

  87. Paul Backes says

    It is the best time to make some plans for the future and it’s time to be happy.

    I’ve read this post and if I could I desire to suggest you some interesting things or tips.
    Maybe you could write next articles referring to this article.
    I desire to read even more things about it!

  88. kzavishew says

    How are you guys doing? I’m so nervous that I in the long run develop a character to overhaul my happiness. I had been sad for altogether some time until I ground out-dated this young secret. It’s a undeniably fun functioning capture delight points instantly. Expressively, here it is: http://www.onlinecasinoforrealmoney.us.org

  89. GalyasAt says

    50mg is verkauf

    f371 is pfizer mexico

  90. QyHl.bthl says
  91. viagra without a doctor prescription

    viagra without a doctor prescription

  92. RxTg.dlzk says
  93. XqUv.xihd says
  94. QcMb.exbw says
  95. DmLt.ynyq says
  96. MkHi.ktwb says
  97. TeDg.drma says
  98. IxJb.qvvd says
  99. QmBf.kksu says
  100. FmJj.jvsa says
  101. PdTs.vcpx says
  102. PzZt.vcpc says
  103. HkAo.wjni says
  104. LzUf.mjwv says
  105. VyLv.dvym says
  106. generic viagra available

    generic viagra available

  107. cialis pills

    cialis pills

    cialis pills

  108. viagra 100mg

    viagra 100mg

    viagra 100mg

  109. sildenafil generic

    sildenafil generic

    sildenafil generic

  110. HjPc.jjyu says
  111. JqEw.sopv says
  112. FzRk.qtxm says
  113. tadalafil generic

    tadalafil generic

    tadalafil generic

  114. PjQi.dyks says
  115. WxAd.vlvn says
  116. DpBc.rwec says
  117. XqNz.nost says
  118. NfOq.khkq says
  119. FwZf.urno says
  120. XzJz.klwq says
  121. ErGw.ywvf says
  122. WgOm.onrp says
  123. FhTr.faso says
  124. DiUt.oiln says
  125. SoXy.ouzo says
  126. James Madorsky says

    It’s perfect time to make some plans for the future and it’s time to
    be happy. I’ve read this post and if I could I desire to suggest you few
    interesting things or advice. Perhaps you could write next articles referring to this article.
    I wish to read even more things about it!

  127. MaCo.hrur says

    http%3A%2F%2Fwww.bath.ac.uk%2Fpublications%2Fspecimen-answers-for-iras-applications&index_url=4serial.com

  128. ZdGu.jhfi says

    http%3A%2F%2Fwww.ncbi.nlm.nih.gov%2Fpubmed%2F22377524&type=PubMed&icon=4serial.com

  129. Henry Ebersole says

    I enjoy what you guys are usually up too. This type of clever work and exposure!
    Keep up the awesome works guys I’ve included you guys
    to our blogroll.

  130. QrMl.bdwq says

    http%3A%2F%2F27-2.ru%2Findex.php%3Furl%3Dhttp%253A%252F%252F27-2.ru%252Findex.php%253Furl%253Dhttp%25253A%25252F%25252F27-2.ru%25252Findex.php%25253Furl%25253Dhttp%25253A%25252F%25252F27-2.ru%25252F%252526title%25253DYOURLS%25252520%252525E2%25252580%25252594%25252520Your%25252520Own%25252520URL%25252520Shortener%25252520%2525257C%25252520http%25253A%25252F%25252F27-2.ru%25252F%252526text%25253D%2526title%253DYOURLS%252520%2525E2%252580%252594%252520Your%252520Own%252520URL%252520Shortener%252520%25257C%252520http%25253A%25252F%25252F27-2.ru%25252F%2526text%253D%26title%3Dhttp%3A%2F%2Fya.ru%26text%3D&title=4serial.com

  131. SjUl.ebnx says

    http%3A%2F%2Fwww%2Eporsche%2Ecom%2Fusa%2Fmodels%2Fpanamera%2Fpanamera%2F&return_url=4serial.com

  132. LcNc.ytdo says

    http://logi241.xiti.com/go.click?xts=478004&s2=0&p=WW_en::Magelis_STO_-_STU::XBTZG9721&clic=N&type=click&url=4serial.com

  133. PjMs.nvnc says

    http%3A%2F%2Fwww.independent.co.uk%2Farts-entertainment%2Fmonitor-ira-ceasefire-the-silence-of-the-guns-1116198.html?_=1192233670418989263&prismid=51941&device=0&url=4serial.com

  134. Betty Maxwell says

    Hello there, just became aware of your blog through Google, and found that it’s truly informative.
    I’m gonna watch out for brussels. I’ll appreciate if you continue this in future.
    A lot of people will be benefited from your writing. Cheers!

  135. Estelle Jones says

    It’s perfect time to make some plans for the future and it’s time to be happy.

    I have read this post and if I could I wish to suggest you some interesting
    things or advice. Maybe you could write next articles referring to this article.
    I want to read even more things about it!

  136. John Abe says

    Hi, I do think this is an excellent web site. I stumbledupon it 😉 I’m going
    to revisit yet again since i have bookmarked it.

    Money and freedom is the greatest way to change, may you be rich and continue to help other people.