Mangudya concedes Bond note defeat

Reserve Bank Governor John Mangudya has conceded that the bond note has failed and that he is accepting to be guilty as charged, the Zim Morning Post has learnt.

Speaking at a Breakfast meeting to review the monetary policy statement, Mangudya told the business community that he was guilty as charged claimimng that the one is to one rate was unfair to exporters.

“I am guilty as charged, taking exporters money at 1:1 when prices had risen by  three or four times was unfair,” Said Mangudya

In 2016, Mangudya vowed to resign in the event that the bond note which is now called RTGS$ failed.

“I have high confidence in this measure we are taking. I know it will bear fruits. In the event the bond notes fail, I will surely resign and walk away from the office and leave someone else to take charge because I would have failed the nation,” declared  Mangudya.

Minister of Finance Professor Mthuli Ncube admitted that one is to one rate was punishing Exporters.

“The 1:1 peg was punishing exporters, we were killing the goose that lays the lays the golden egg,” said Ncube.

Most Zimbabweans made a call to the Reserve Bank of Zimbabwe to be practical by not rating the Bond note as equivalent to the USD.

Zimbabweans were now opting to change their forex in the streets but now they have an option of using the banks on willing buyer willing seller basis.

The business community has endorsed the newly introduced rate.

“We endorsed the monetary policy and we are pleased by this move by government to peg the opening rate at 2:50, it is a positive move for economic resuscitation,”  said Denford Mutashu.