Mnangagwa's patience with Mangudya wearing thin

Mnangagwa's patience with Mangudya wearing thin
Published: 22 October 2018 (407 Views)
PRESIDENT Emmerson Mnangagwa's patience with the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya could be wearing thin, NewZimbabwe reported. Mnangagwa has failed to hide his annoyance with his incompetent lieutenants who have failed to rein in the parallel currency market that has continued to wreak havoc in Zimbabwe.

Mnangagwa said everyone must play according to rules as economic saboteurs face imminent arrest.

The President said those who walk through the straight and narrow need not fear.

President Mnangagwa made the remarks in his weekly Economic Dialogue published in The Sunday Mail and Sunday News yesterday. The President said police investigations have proved that illegal money changers operating from the streets are mere pawns in the black market scheme.

He said the banking sector has a case to answer as some of the illegal financial flows are happening right under its nose.

"In most economies, sudden huge movements of money or unexplained "swelling" of deposits raise eyebrows. Millions have been moved unexplained in our financial services sector, with no one batting an eyelid," President Mnangagwa said.

"Considering that more than $9 billion is passing through different electronic platforms and leaving an 'electronic trail', it is inconceivable that these illicit transactions have and can ever go on undetected or unnoticed. It simply cannot be," the President said.

Mangudya has watched helplessly as the illegal forex market thrives while the official economy struggles with hard and local currency shortages.

Unconfirmed reports suggest Mnangagwa is set to replace Mangudya when the RBZ boss's first term ends in February next year.

Banker John Mushayavanhu, one of the President's acolytes, according to sources, is tipped as a possible replacement.

- Additional reporting from NewZimbabwe

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Diamonds to contribute $1bn a year

by Staff reporter | 26 March 2019 | 35 Views

US, Canada surgeons honour Mtukudzi

by Staff reporter | 26 March 2019 | 36 Views

Alternative currencies still legal tender in Zimbabwe

by Staff reporter | 26 March 2019 | 37 Views

'Gukurahundi Commission should be given a chance'

by Staff reporter | 26 March 2019 | 28 Views

Coventry challenges Zifa on stadium safety

by Staff reporter | 26 March 2019 | 31 Views

Bosso sweat over trio

by Staff reporter | 26 March 2019 | 30 Views

Man murders, skins granny (71)

by Staff reporter | 26 March 2019 | 35 Views

Work starts on Rutenga- Sango Xai-Xai Highway

by Staff reporter | 26 March 2019 | 26 Views

Zimbabwe prisoners decry poor diet

by Staff reporter | 26 March 2019 | 31 Views

Govt urged to set up missing persons database

by Staff reporter | 26 March 2019 | 21 Views

Chamisa's MP removed from remand

by Staff reporter | 26 March 2019 | 31 Views

In times like these, political posturing must give way

by Learnmore Zuze | 26 March 2019 | 26 Views

Zanu-PF central committee member dies

by Staff reporter | 26 March 2019 | 25 Views

Special prosecutor in no-show at Potraz boss trial

by Staff reporter | 26 March 2019 | 28 Views

Parties to Mnangagwa's dialogue to choose neutral convener

by Staff reporter | 26 March 2019 | 32 Views

Zinara under fire over huge wage bill

by Staff reporter | 26 March 2019 | 28 Views

Gonarezhou to reintroduce rhinos

by Staff reporter | 26 March 2019 | 23 Views

Mayor storms out of prayer meeting

by Staff reporter | 26 March 2019 | 25 Views

10 vie for MDC vice-presidency

by Staff reporter | 26 March 2019 | 33 Views

Zimbabwe worse off under Mnangagwa - survey

by Staff reporter | 26 March 2019 | 19 Views

Gukurahundi symptom of nation formation, says Mohadi

by ZimLive | 26 March 2019 | 28 Views

Division rock war veterans

by Staff reporter | 26 March 2019 | 16 Views

Chamisa warns Mnangagwa of civil unrest

by Staff reporter | 26 March 2019 | 23 Views

Confusion over number of cyclone victims in Zimbabwe

by newzimbabwe | 26 March 2019 | 13 Views

'RTGS$ a failed fraud' Tendai Biti says

by Mandla Ndlovu | 26 March 2019 | 14 Views

Botswana! The sinking of Africa's democracy basket

by Reginald Thabani Gola | 26 March 2019 | 19 Views

Strive Masiyiwa to build house for Cyclone Idai heroine

by ZimLive | 25 March 2019 | 102 Views

Japajapa convicted

by Staff reporter | 25 March 2019 | 96 Views

Zimbabwe govt out to promote new female condom

by Staff reporter | 25 March 2019 | 70 Views

NMB Bank founder to pay back $1.1m

by Staff reporter | 25 March 2019 | 81 Views

Club owner bashes DJ over payment

by Staff reporter | 25 March 2019 | 94 Views

Explain effects of sanctions to everyone, says Matemadanda

by Staff reporter | 25 March 2019 | 66 Views

Former Zinara bosses summoned to Parliament

by Staff reporter | 25 March 2019 | 65 Views

Bosso summon players over strike

by Staff reporter | 25 March 2019 | 65 Views

Machete murder at Bulawayo nightclub

by Staff reporter | 25 March 2019 | 72 Views

$30 million in unclaimed pension benefits lies idle

by Staff reporter | 25 March 2019 | 44 Views

Econet goes full force in search of Cyclone Idai survivors

by Staff reporter | 25 March 2019 | 70 Views