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Biti blasts Monetary Policy

The former Finance Minister Tendai Biti has slammed the new Monetary policy implemented by Reserve Bank of Zimbabwe(RBZ) John Mangudya Governor and Finance Minister Mthuli Ncube as daylight robbery to the ordinary citizens of Zimbabwe.

Biti said the Real Time Gross System(RTGS) is a scam to rob the ordinary people’s savings that were living from hand to mouth.

“The RTGS $ is a failed fraud .One cannot have an unbaked currency in the context of a terrible current account deficit where import reserves are less than a week’s cover.RTGS is a serious devaluation of peoples saving .It is voodoo economics from a clueless cruel cult. ”said Biti.

Biti criticized the Monetary Policy saying it was diminishing the economic situation in the country whereby queues have become the norm of the day and shortage of medication in pharmacies.

“Foreign exchange shortages have seen the return of massive fuel queues across the country. So too are shortages of drugs in hospitals. The disastrous refusal to pay to pay tobacco farmers full US$ auction prices is a byproduct of the failed cataleptic Monetary Policy Statement. ”said Biti.

The Member of Parliament urged the governmwent to scrap out the Monetary Policy because it is failing the ordinary citizens .Mnangagwa and his Government have failed Zimbabweans by increasing taxes.

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