Tendai Biti claims abandonment of the multi-currency system is illegal

Tendai Biti claims  abandonment of the multi-currency system is illegal
Published: 26 June 2019 (73 Views)
FORMER Finance Minister and legislator Tendai Biti has described the abandonment of the multi-currency system by government as a disaster while urging its reversal.

The MDC MP for Harare East was addressing fellow legislators in parliament Tuesday.

Government on Monday brewed a shocker and imposed a ban of the multi-currency regime through Statutory Instrument 142 of 2019 which restored the local currency as the sole legal tender.

Biti, who as Finance Minister 2009 oversaw the administering of the multi-currency regime, felt the scrapping of the system was both illegal and spelled disaster.

"I rise on a matter of privilege in terms of the enactment by the Minister of Finance Mthuli Ncube and the Reserve Bank of Zimbabwe, Statutory Instrument (SI) 142 2019 which officially de-dollarize and adopt as sole legal tender the Zimbabwean dollar," Biti said.

"This is a matter of importance in that it touches on the politics, economics and law of the country, I want to go to the provision of Section 44 of the RBZ which introduced the regime currency in 2009 and section 44 (a) and 46 states that the tender in Zimbabwe is Euro, Pound, US$, Rand shall be deemed legal tender.

"A currency is a relation between imports and exports and as long as you have a deficit in your current account, and we do not have current account sir we do not have reserves that are necessary to support our local currency.

"The currency is subjected to political confidence and this country suffer from a Kwashiorkor of political confidence, so I submit the Statutory Instrument 142 of 2019 is a disaster that minister Ncube must repeal."

However, Zanu-PF Legislator for Bindura South Remigious Matangira was of a different view as he praised Ncube's move.

Matangira said the country had no need continue using the currency of a country that imposed sanctions on their country.

"A country without a totem is totally lost, a country without currency is a country without roots.

"We must have our own currency. Why are you all against having our own currency hence insisting on using currency of a country that have imposed sanctions on our country and you wonder why some people are insisting to use multi-currency yet our people are suffering.

"In fact, I am in support with what Minister Mthuli did, it is good," he said.

Zimbabwe has been stuck in an endless financial crisis for two decades highlighted by falling currency, high inflation, widespread unemployment and lack of liquidity.

The country abandoned its currency in 2009 relying on electronic payments, the South African Rand, the U.S dollar and in some instances barter trade to do business and to pay for goods and services.

- newzimbabwe

Tags: Biti, Dollar, Zimdollar,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

MISSING USD$ 3 BILLION: Mnangagwa called to account

by Mandla Ndlovu | 20 July 2019 | 121 Views

Mohadi warns drug dealers

by Staff reporter | 20 July 2019 | 52 Views

Getaway car catches fire

by Staff reporter | 20 July 2019 | 99 Views

Zimbabwe MPs demand Land Cruisers, houses in Harare

by ZimlIve | 20 July 2019 | 69 Views

Probe into Bulawayo Town Clerk suspension begins

by Staff reporter | 20 July 2019 | 59 Views

Anti-Mnangagwa activist released on bail

by Staff reporter | 20 July 2019 | 50 Views

Zec to pilot test display of voters' rolls

by Staff reporter | 20 July 2019 | 53 Views

Mnangagwa's luxury junkets cause storm

by Staff reporter | 20 July 2019 | 58 Views

Chaos, corruption in councils

by Miriam Tose Majome | 20 July 2019 | 57 Views

'External MDC branches key in national politics'

by Staff repirter | 20 July 2019 | 48 Views

Mnangagwa dates San community

by Staff reporter | 20 July 2019 | 49 Views

Zimbabwe police cells; chambers of torture

by Staff reporter | 20 July 2019 | 42 Views

Prosecutors declare incapacitation

by Staff reporter | 20 July 2019 | 50 Views

'Chiwenga on the mend'

by Staff reporter | 20 July 2019 | 44 Views

Lady teacher in trouble for abusing pupil

by Staff reporter | 20 July 2019 | 62 Views

Tshinga Dube pleads with BCC over eviction

by Staff reporter | 20 July 2019 | 47 Views

Headmaster caught pants down with married teacher

by Staff reporter | 20 July 2019 | 62 Views

Chief Mugabe selection process rocked by disputes

by Staff reporter | 20 July 2019 | 45 Views

Government programmes poorly supervised, says Zanu PF official

by Staff Reporter | 20 July 2019 | 74 Views

Zimbabwe govt works on 50:50 principle

by Staff Reporter | 20 July 2019 | 76 Views

Zanu-PF tried and tested, says Obert Mpofu

by Staff Reporter | 20 July 2019 | 65 Views

Poacher gets 9 years behind bars

by Staff Reporter | 20 July 2019 | 67 Views

Woes mount for Prophet Magaya

by Staff Reporter | 20 July 2019 | 69 Views

MDC fights for Japajapa's freedom

by Mandla Ndlovu | 20 July 2019 | 62 Views

Prophet Magaya's powerful enemies revealed

by Mandla Ndlovu | 20 July 2019 | 84 Views

Econet in major blackout

by Mandla Ndlovu | 20 July 2019 | 66 Views

'Mnangagwa redefines corruption'

by Mandla Ndlovu | 19 July 2019 | 155 Views

ZESN condemns Zanu-PF vote buying

by Staff Reporter | 19 July 2019 | 141 Views

Ramaphosa 'deliberately misled parliament'

by Staff reporter | 19 July 2019 | 109 Views

SA Home Affairs has 3000 uncollected Zimbabwe permits

by Staff reporter | 19 July 2019 | 113 Views

How CIOs benefited from Jonathan Moyo's ZIMDEF funds

by Mandla Ndlovu | 19 July 2019 | 149 Views

Mnangagwa speaks on ailing Chiwenga

by Staff Reporter | 19 July 2019 | 283 Views

Police statement on Prophet Walter Magaya

by Mandla Ndlovu | 19 July 2019 | 179 Views

Temba Mliswa writes to Nelson chamisa

by Mandla Ndlovu | 19 July 2019 | 215 Views

USD$ 3 Billion disappears in Zimbabwe

by Mandla Ndlovu | 19 July 2019 | 222 Views