RBZ Governor Speaks On Missing $15 Billion

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By Mlondolozi Ndlovu

Harare – The Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has said the missing $15 billion which was lost from the diamonds was an ‘economic loss’.

President Robert  Mugabe in March this year revealed that over 15 billion could have been lost from the diamonds revenue which the treasury  did not benefit much of it.

Opposition political parties, ordinary Zimbabwe and civil society have blamed the government over the loss with calls for President Mugabe to resign over the issue.

The Vice President of the country Emmerson Mnangagwa recently made revelations that the government was making investigations over the issue and that if they was an anomaly culprits will be arrested.

Speaking at a breakfast meeting organised by the Zimbabwe National Chamber of Commerce (ZNCC) the RBZ boss said that the $15 billion was an economic loss.

“ The issue of the missing $15 billion is an economic loss, its due to the value of the product, trade mis pricing where diamond karates probably meant to be sold for $40 were sold for say $19 per karate,” said the RBZ governor.

The country’s governer also noted that the country was losing a lot of money through externalization and that the US dollar is a ‘conducive currency’ for corruption and the reason why people were not banking.

“This currency we are using; the US dollar is very corruptive. For instance one can save the US dollars at home for the next 10 years, Zimbabwe needs a weak currency which can be bankable, a strong currency is a temptation,” he said.

The meeting which was aimed at gathering the view of the business community on the introduction of the bond notes by the central bank to ease short shortages.

The governor acknowledged that no money was circulating in Zimbabwean economy, and implored Zimbabweans to ‘live by faith and not by sight’.




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