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I Am Guilty Of Taking Exporter’s Money – Mangudya

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John Mangudya (RBZ Governor)

The Reserve Bank Governor, John Mangudya has just admitted that he prejudiced exporters by taking their money at an unfavorable rate regardless of the inflation rising at least 3 times since October last year. During a DailyNews Breakfast Meeting this morning, the Governor said:

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I am guilty as charged. Taking exporters’ money at $1:1 when prices had risen by 3 or 4 times was unfair.

The self-incrimination of the Governor stems from the fact that he first noticed the unfairness of taking exporters money at 1:1 back in October but it took him 4 months to address the prejudice the RBZ was afflicting to exporters. During the question and answer segment of the Breakfast Meeting, he said:

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Question to Dr. Mangudya : When did you realise that $1:1 doesnt work and a cost to exporters?

Dr. Mangudya answer: When the markets ran away in October 2018 and when inflation set in I realised we needed to change and $1:1 can’t uphold.

How did he rectify it?

Now exporters will be given a fair value of their export incentive that will be determined through a competitive market called, Interbank Foreign Currency Exchange Market where they will get the lowest possible exchange rate.

Credit: All the quotes were taken from ZimBollar Twitter page


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