Mthuli, RBZ Governor Snub Parly As ZiG Collapses
23 April 2024
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 By Business Reporter- Finance Minister Mthuli Ncube and the Reserve Bank Governor, John Mushayavanhu, have snubbed parliament after being summoned to explain why the ZiG currency is losing value.

Legislators were left fuming on Monday after both Mushayavanhu and Mthuli failed to appear before joint portfolio committees on budget and industry to explain the emerging rate decline in the new ZiG currency.

Mushayavanhu was summoned to appear before parliament alongside finance minister Mthuli Ncube.

But while Ncube could not make it to parliament because of delays in his travel arrangements from Washington, the governor also told the committees that he had other engagements.

Co-chair of the committees and Zaka South legislator, Clemence Chiduwa told industry stakeholders that the failed appearances by the two senior treasury officials was beyond his control.

“I got information that the travel arrangements for the minister from Washington were affected by floods in Dubai where he was supposed to connect.

“At 2PM, I also got information that the governor had some engagements which were beyond his control.

“This means that our engagement with them has been pushed to a date we are still working on. It’s something I have no control over,” Chiduwa said.

The legislators were visibly unhappy about the developments but were asked by the chair to deliberate on the matter behind closed doors.

After a short caucus by the two committees, one MP said the legislators rang and ordered Mushayavanhu to present himself before the committee this Tuesday as they felt he was deliberately avoiding grilling alone in light of the spiralling exchange rate.

“No engagement should override parliament business. We want him to explain what is happening on the market,” said the lawmaker.

Later in the evening, parliament then released communication that the central bank chief was indeed going to appear before the committees this Tuesday.

Mushayavanhu is under fire for the emerging exchange rate decline of the ZiG against the US dollar despite making firm promises during launch the domestic currency was set to withstand the exchange rate pressures that decimated its predecessor Zimbabwe dollar.

ZiG launched early this month trading at ZiG13,56 against the US dollar but has slid to an embarrassing parallel market rate of ZiG20 plus, in just a few weeks.

Government has responded through rounding up street traders of foreign currency while accusing them of causing the currency turmoil.