A Business Times report claims that President Emmerson Mnangagwa was on Wednesday night forced to intervene in the conflict between the Reserve Bank Governor John Mnagudya and Minister of Finance Mthuli Ncube over the currency issue.
Mnangagwa had to intervene in finalising the much awaited-Monetary Policy Statement (MPS).
The MPS was supposed to have been delivered either in the last week of January or first week of February.
The disagreements between Mangudya and Ncube is around issues to do with local currency re-introduction and liberalising the exchange rate.
Mangudya favours the re-introduction of a local currency while Ncube would prefer a new currency between 12-18 months.
Ncube insists that in the short term, the country should float the local bond note, a position that is supported by the Bretton Woods Institutions. However, such a decision would have political and economic repercussions.
Mthuli Ncube
Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and… Read More About Mthuli Ncube
