Chinamasa ,Mangudya Dishonest, Ignorant Says Moyo
Former Minister of Industry and International Trade ,Dr Nkosana Moyo has branded Finance minister Patrick Chinamasa and Reserve Bank of Zimbabwe governor , Dr John Mangudya as being dishonest or ignorant in respect to the current bond note furore currently raging in the country
Responding to questions put to him by Zimbabwenewsday about his views towards the impending introduction of bond notes by the RBZ ,Dr Moyo said bond notes were a bad idea because they were being introduced to manage a liquidity problem which arose out of bad economic management. Without the removal of economic management malpractices, bond notes could not be a solution. He added that technically the much touted bonus bond notes for for exporters depreciate the notes the moment they are issued thus the equivalency with the United States Dollar is “an impossibility”
Nostro account refers to an account that a bank holds in a foreign currency in another bank. Nostros, a term derived from the Latin word for “ours,” are frequently used to facilitate foreign exchange and trade transactions.
“Either the governor and the minister of finance are being dishonest or they are really ignorant .They took our money from nostro accounts and now they want to try and pay it back with worthless paper in the form of bond notes “said Dr Moyo who now heads the Mandela Institute for Development Studies (MINDS).He has also served in senior positions at the International Finance Corporation(IFC), the World Bank Group and the African Development Bank and is a non-executive director of Old Mutual plc Board
Dr Moyo says the people should try to resist the introduction of the bond note until the present economic morass currently intervening in Zimbabwe has ended
He has the distinction of being one a few cabinet ministers who have left their ministerial posts voluntarily without scandal. Zimbabwenewsday