On Monday, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya presented his mid-term monetary policy statement while Minister of Finance, Mthuli Ncube presented his statement on fiscal measures. The two measures were generally not well accepted as they included the following measures:
- Separation of Nostro Foreign Currency Accounts and RTGS Foreign Currency Accounts
- Massive increase in the tax for transferring money from 5 cents per transaction to 2 per cent of the transaction
Below are some of the reactions to the Monetary Policy Statement:
https://twitter.com/advocatemahere/status/1047017748004519940
The biggest robbery ever has just taken place. The streets are quiet. Maybe if Mangudya came out and said, I'm Gay, and about to rob you of all your forex, we would see some outrage. Make no mistake. This is an actual robbery. #ZimEconomy
— K (@begottensun) October 1, 2018
If the new 2% charge is to deter parallel market players from using the RTGS platform. The monetary authorities should make it rebatable for productive sector, formal business & genuine payments to say ZESA. Using Jan-Jun this will amount to $692m…~$1.4bn per annum! pic.twitter.com/BlF6hDCzFD
— Busisa Moyo (@BusisaMoyo) October 2, 2018
We had FCA USD bank accounts which eventually morphed into bond notes. Now we are supossed to reopen FCA accounts again which we had before. This is so confusing. Its better not to Bank anymore. 😐
— Brenda Dube (@boldcolours) October 2, 2018
Who forced people to use electronic money? How did it happen? Because they didnt have enough currency. Why? Because they failed to match what was there in M3 by constantly issuing TBs to fund what? Their huge expenditure! Why are people being made to pay for it? @tambarara
— Happi Zengeni-Manyere (@happ_zenge) October 2, 2018
I remember this someone assuring us that if the gedye theory doesn't work, he would resign. The monetary policy situation is his termination letter. He's tried his theories and they haven't worked. A resignation is the least he can do to show some respect to Zimbabweans.
— King Moe …CA(Z) Loading (@maud_chifamba) October 2, 2018
“I have high confidence in this measure we are taking. I know it will bear fruits. In the event the bond notes fail, I will surely walk resign & walk away from the office & leave someone else to take charge becoz I wld hv failed the nation,” Mangudya, 2016#MangudyaMustGo pic.twitter.com/ycBDzUPn9E
— #OpenCovidContracts (@OpenParlyZw) October 2, 2018
On RTGS FCA & NOSTRO FCA here’s how one chap put it on WhatsApp:
“Varikusimbisa kuti mari irimu account mako haisi US dhora. MaChunks haasi nyama. MaChunks muCupboard, nyama muFridge”
(They’re saying chunks aren’t meat. Chunks are kept in the cupboard, meat in the fridge)
— Alex T Magaisa 🇿🇼 (@Wamagaisa) October 1, 2018
14 September 2016, @ChronicleZim || "If the bond notes do not work out, I’m willing to resign" #MangudyaMustGo pic.twitter.com/cJsb5qQ9O9
— #OpenCovidContracts (@OpenParlyZw) October 2, 2018
Memories still too fresh to forget & embrace a new RTGS FCA mirage! pic.twitter.com/sGywC6bi3h
— Prof Jonathan Moyo (@ProfJNMoyo) October 2, 2018
Intelligent Journos must ask Mangudya if as of today 01 October 2018, the bond note is still 1:1 and if his answer is yes, why is he asking Foreigners to pay goods & services strictly in forex?
— William Zambezi Snr. (@williamzambezi) October 1, 2018
Anyone compared the reaction: St John's VS Monetary Policy? #263Chat #twimbos
— Nigel Mugamu 🇿🇼 (@SirNige) October 2, 2018
On RTGS FCA & NOSTRO FCA here’s how one chap put it on WhatsApp:
“Varikusimbisa kuti mari irimu account mako haisi US dhora. MaChunks haasi nyama. MaChunks muCupboard, nyama muFridge”
(They’re saying chunks aren’t meat. Chunks are kept in the cupboard, meat in the fridge)
— Alex T Magaisa 🇿🇼 (@Wamagaisa) October 1, 2018
"Fool me once, shame on you. Fool me twice, shame on me."
John Mangudya gives a compelling performance in the Gideon Gono role in 'The People Versus the Reserve Bank of Zimbabwe' sequel.
If we let Mangudya & his principals get away with the latest heist then it's our fault.
— Lashias Ncube (@lashiasn) October 2, 2018
Why push people to use plastic money then levy a tax for using the bank transfer system? Have the authorities considered the impact of this decision on the already rampant price increases? What impact will this have on the black market rate which is a reality they can’t deny?
— Fadzayi Mahere (@advocatemahere) October 2, 2018
“If taxation without consent is not robbery, then any band of robbers have only to declare themselves a government, and all their robberies are legalized.” – Lysander Spooner pic.twitter.com/6kxwrujb2j
— Prof. Steve Hanke (@steve_hanke) October 2, 2018
Worth posting multiple times- Zimbabwe is in a lot of debt, since the GNU ended they managed to expand domestic debt from US$275.8 million in 2012 to current levels of US$9.5 billion against US$7.4 billion external debt. total public debt to US$16.9 billion.-How and why
— Chipo Dendere (@drDendere) October 1, 2018
I know they don’t care but I just want to say to @MthuliNcube & Mangudya – there’s no such legal thing as an RTGS currency. There’s no such legal thing as a Zim dollar. Neither the RBZ Act nor the Banking Act provide for their illegal utterances yesterday.
— Fadzayi Mahere (@advocatemahere) October 2, 2018
https://twitter.com/Seth_ZW/status/1047066376685441024
They specialize in making us poor. How many times will you rob us and expect us to be okay with it? This is not right, it is unjust and it is cruelty to an already struggling people. #NotYetUhuru pic.twitter.com/uM1wjQ8aYN
— #ThisFlag E Mawarire (@PastorEvanLive) October 2, 2018
Yesterday's monetary statement was a disaster, the fiscal statement was economic hara kiri. It's behind us now. Let bygones be bygones
— Nqaba Matshazi (@nqabamatshazi) October 2, 2018
Mangudya has turned out to be another Gono. A lipsticked frog. The old masquerading as the new.
— Luke Tamborinyoka (@luke_tambo) October 2, 2018
Zanu PF won 70% of its vote in rural areas. Rural areas contribute less than a third to GDP. So we can cry about new taxes, new RTGS FCA, nostro etc, but Zanu PF's base is largely untouched
— Nqaba Matshazi (@nqabamatshazi) October 2, 2018
Zimbabweans are now enrolled at the Zimbabwe School of Pfee-conomics after successfully graduating from the Zimbabwe School of Mugabenomics last November. This is the first semester.
— Alex T Magaisa 🇿🇼 (@Wamagaisa) October 2, 2018
This billboard is a great lesson in how PR spin can go very wrong. When you are not trusted as a body, avoid making bold declarations! @263Chat pic.twitter.com/qosyZf6Jfl
— VINCENT KAHIYA (@VTKAHIYA) October 2, 2018
1/2 Why do I feel robbed? After peddling the propaganda that Zimbabwe's phantom money is at par with the US$,the RBZ chief suddenly announces that banks must seperate the wheat from the chaff, ie RTGS accounts are NOT at par with forex accounts. What happens to people's savings?
— Brezh Malaba (@BrezhMalaba) October 1, 2018
I am still having nightmares about being charged 2 cents per dollar for every transaction Min @MthuliNcube.
That figure seriously needs to come down.
We already have a cash crisis and can't be penalised for using electronic means of payment
There is no other choice#MPS2018
— C.E Mambo 🇿🇼 (@cemambo) October 2, 2018
But we told you that this whole thing would never work & that you’d make us all bankrupt! @ReserveBankZIM we literally debated with u & begged u not do this. The bond note has completely failed and we the citizens are suffering again, haaa no guys taneta nemi pic.twitter.com/svJpQsOp28
— #ThisFlag E Mawarire (@PastorEvanLive) October 2, 2018
Locally this new charge of 2% per RTGS transaction does this mean there will be inflation caused by retailers forwarding the cost of transacting to the consumer e.g. imagine the cost of @SPARZimbabwe paying @Delta $1million RTGS it will cost $20,000 ?#MPS2018
— Jeff Murimbechi (@jeffreydanai) October 2, 2018
The nub of #MonetaryPolicyZW yesterday: the gulf between those who have access to forex & those who don’t will grow, again impoverishing the poor. The poor majority will also fund the profligacy of the obscenely rich few by an additional tax on their transactions.
— David Coltart (@DavidColtart) October 2, 2018
My solutions are as follows:
1. Mangudya must resign.
2. ED’s administration must accept they have no solutions to fix the comatose economy and resign.
3. They must pay back the money they stole. https://t.co/t97zyfnPKy— Fadzayi Mahere (@advocatemahere) October 2, 2018
Dear Panonetsa Mangudya
I write resignation letters for 2 c per word.
Inbox me for details#MangudyaMustGo
— Mai Nyirongo (@Dudu_Nyirongo) October 2, 2018
14 September 2016, @ChronicleZim || "If the bond notes do not work out, I’m willing to resign" #MangudyaMustGo pic.twitter.com/cJsb5qQ9O9
— #OpenCovidContracts (@OpenParlyZw) October 2, 2018
Poor people transact more mobile payments than rich people. Taxes should be increased on all the luxury items vehicles, Whisky etc. The 60% food imports are at ridiculous especially when we are not producing. @MthuliNcube you have declared war with the poor #MonetaryPolicyZW
— Linda Tsungirirai Masarira (@lilomatic) October 2, 2018