Mangudya slams social media

By Staff reporter | 01 Jul 2019 at 18:30hrs
RESERVE Bank of Zimbabwe (RBZ) Governor, John Mangudya, blamed social media for some of the problems bedeviling the economy.

"Some people want to spread malicious information so do not confuse indiscipline with communication. Social media in this country is full of lies. To what extent should we continue to have this.

"Who is Zimbollar site?  It is the invisible hand behind the indiscipline and it is the one we are dealing with right now. The problem with Zimbabweans is that they spend more time asking for a strong currency instead of focusing on production," said the former CBZ chief executive officer.

"As of February 22 this year till last Friday, about $525 million had gone through the inter-bank market."

Mangudya has pleaded for patience from Zimbabweans to allow the economic measures being undertaken by government to be effective.

The Apex Bank chief was appearing before the Parliamentary Committee on Budget and Finance on Monday, at which he argued the negativity generated on social media has not helped matters.

"Be patient. Let us give these measures some time. The situation has improved as compared to the old system," said Mangudya.

Finance secretary George Guvamatanga weighed in and effectively closed debate around a possible reversal of the ban on multi-currencies.

"No more debate on the Rand. It has moved its journey. We need to focus on production only," said Guavamatanga said in what seemed a direct response to those agitating for Zimbabwe to join the Rand Monetary Union.

But few Zimbabweans would be willing to take the RBZ chief's word after he in 2016 promised to resign if the bond note failed. Despite the current economic problems and specifically the currency problems, Mangudya insist the bond note has not been a failure.



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