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WATCH: Mangudya says ‘no appetite’ to dip into NGO, depositors’ funds

By Robert Tapfumaneyi

RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya has assured Zimbabwean NGOs and individual depositors the apex bank has no intentions to dip into their foreign currency bank accounts to finance government operations.

He was presenting his Monetary Policy statement focusing on Price and Exchange Rate Stability at the RBZ building in Harare Monday morning.

Mangudya said foreign currency accounts belonging to depositors will not be touched.

“The bank has therefore no appetite at all to tamper with the legal status of the public foreign currency accounts,” he said.

Watch: Mangudya says 'no appetite' to dip into NGO, depositors funds

Watch: Mangudya says 'no appetite' to dip into NGO, depositors funds

Posted by New Zimbabwe.com on Monday, February 17, 2020

Government has come under fire for perceived double standards in the use of multi-currencies after it has been collecting duty in foreign currency while forcing businesses to accept the local unit.

Mangudya denied any double standards.

“Allowing the use of free funds within the national economy for the payment of customs duties on selected products, paying for emergency passports, procurement of basic commodities such as food items and fuel under the direct fuel DFI scheme, should not be misconstrued as going back to dollarisation,” he said.

Free funds are made up of diaspora remittances, funds remitted into the country by international organisations, embassies, non-governmental organisations (NGO), donations and by any other funds realised by individual by individuals from offshore activities.

They constitute around 30% of Zimbabwe’s total export receipts.

The central bank has been blamed for apparent lack of principle and its willingness to spontaneously dump promises.