Incompetent RBZ governor wants dead Zimbabwe dollar revived
By KING SHANGO
Published on: 20th August, 2009
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ZIMBABWE – HARARE – The incompetent and disgraced Reserve Bank of Zimbabwe governor Gideon Gono wants the dead Zimdollar to be resuscitated.
Thats right, Gono wants that decrepit currency that he killed through reckless minting to return into circulation so that he can once again have unbridled control over cash. Right now the governor cannot print US dollars or Rands and his influence has been severely whittled down.
Gono wants the Zimdollar returned because he wants Zimbabweans to have change, he claimed in Parliament on Monday. But Zimbabweans are not complaining about the basket of currencies currently inn circulation and shudder to contemplate the return of that currency.
Gono told the Parliamentary Portfolio Committee on Natural Resources, Hospitality and Tourism: “Nobody can move me from that conviction. We anchor our Zim dollar to the gold available. It will not only be RBZ, but all stakeholders.
A certificate will then be issued to the RBZ on the amount of Zim dollar to be printed after the committee has satisfied itself on the value of the gold,” said the embattled Gono.
“You can also redeem your Zim dollar in return for an ounce of gold. Say, if you want to keep gold not cash, you can go to your bank and get an equivalent of ounces of gold to the Zim dollar you have, so we will be backing our money with reality on the ground. Such an approach is not inflationary because you are anchoring your money on productivity.”
The Parly committee just wanted the state of preparedness in terms of plastic money in light of the forthcoming 2010 World Cup and Gono seized the opportunity to salvage his battered credibility by calling for the return of the Zim dollar.
There are however no takers for his calls, except him and President Mugabe. Finance minister Tendai Biti, who has castrated Gono, has said he will resign if the Zimdollar is forced back into circulation. He says the Zimdollar can only return if capacity utilisation currently around 20 percent is hiked to 60 percent.
Infact the death of the Zim dollar was a harsh indictment of Gono’s economic vandalism, hence the governor’s pirited attempt to retun that useless currency.
