Farai Dziva|A Faceless state media columnist has gloated over what he portrayed as the failure by MDC A official Tendai Biti to disrupt RBZ Governor John Mangudya’ s economic recovery efforts.

See part of the columnist’s argument below: Tendai Biti tried to crucify Mangudya for not providing the funds that could be traded on the interbank forex market.

But again, Biti had to endure the ignominy of another economic lecture from the Prof on the essence of fiat money and the mechanics of the interbank foreign exchange market that has been introduced by Mangudya.

The fact that people are trading bond notes and electronic money on the parallel market, Prof Chakravarti pointed out, shows that there is inherent value in the bond notes and electronic money.

Sensing further embarrassment, Biti tried to drown out the Professor by interjecting, but the man persisted.
He told the economics wannabe that the interbank market is actually sustained by private sellers of forex, and not the RBZ.

It was yet another humbling episode.
And then the coup de grace came from the most unlikely source — the central bank chief himself.

After hauling Mangudya (last week) before Parliamentary Portfolio Committee on Public Accounts, as chair, Biti — knowing full well that eloquence was not the Governor’s strongest suits — sought to embarrass his guest in order salvage his was own waning reputation.

Bizarrely, he asked Mangudya to apologise for allowing Government to borrow money without seeking approval from Parliament.