Forex ban illegal, says Biti

Forex ban illegal, says Biti
Published: 27 June 2019 (194 Views)
MDC Alliance vice president Tendai Biti has said the banning of multi currency system by Government is illegal and should be reversed.

The government on Monday banned trade in the multi currency system paving way for the reintroduction of the Zimbabwean dollar through Statutory Instrument 142:2019.

"The native fact of this SI is to officially de-dollarise and adopt in Zimbabwe as the sole legal tender, the Zimbabwean Dollar (Z$).  This is such a matter of public importance in that it touches on the political economy of our country; that is the politics of our country, the economics of our country and indeed the law of our country.  

"On the law, I want to bring your attention to the provision of Section 44 (2) of the Reserve Bank Act of Zimbabwe which introduced the regime of multiple currencies in 2009.  Section 44A (2) makes it clear that the tender in Zimbabwe of the British Pound, the Euro, the United States Dollar, the South African Rand and the Botswana Pula in any transaction shall be deemed to be legal tender.  That being so Hon. Speaker Sir, and Section 44A (2) being an Act of Parliament, the Minister of Finance cannot in a Statutory Instrument repeal an Act of Parliament," said Biti.

"So quite clearly Hon. Speaker Sir, Statutory Instrument 142:2019 is ultra vires the provisions of Section 44A (2) of the RBZ Act, so it is wrong on the law.  

"On economics Hon. Speaker Sir, a currency is a relationship between your exports and your imports.  As long as you have got a deficit in your current account, I submit that we do not have the current account; we do not have the reserves that are necessary to support our own currency.  

"Thirdly, more than anything else, a currency is subject to political confidence.  This country suffers from kwashiorkor of political confidence.  There is absolutely no confidence in this currency.  So, I submit that SI 142:2019 is a disaster; that the attempt to de-dollarise this country is a disaster.  The Minister must as a matter of urgency repeal SI 142:2019."

- Byo24News

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

MISSING USD$ 3 BILLION: Mnangagwa called to account

by Mandla Ndlovu | 20 July 2019 | 53 Views

Mohadi warns drug dealers

by Staff reporter | 20 July 2019 | 30 Views

Getaway car catches fire

by Staff reporter | 20 July 2019 | 55 Views

Zimbabwe MPs demand Land Cruisers, houses in Harare

by ZimlIve | 20 July 2019 | 36 Views

Probe into Bulawayo Town Clerk suspension begins

by Staff reporter | 20 July 2019 | 32 Views

Anti-Mnangagwa activist released on bail

by Staff reporter | 20 July 2019 | 31 Views

Zec to pilot test display of voters' rolls

by Staff reporter | 20 July 2019 | 31 Views

Mnangagwa's luxury junkets cause storm

by Staff reporter | 20 July 2019 | 34 Views

Chaos, corruption in councils

by Miriam Tose Majome | 20 July 2019 | 19 Views

'External MDC branches key in national politics'

by Staff repirter | 20 July 2019 | 23 Views

Mnangagwa dates San community

by Staff reporter | 20 July 2019 | 27 Views

Zimbabwe police cells; chambers of torture

by Staff reporter | 20 July 2019 | 17 Views

Prosecutors declare incapacitation

by Staff reporter | 20 July 2019 | 28 Views

'Chiwenga on the mend'

by Staff reporter | 20 July 2019 | 29 Views

Lady teacher in trouble for abusing pupil

by Staff reporter | 20 July 2019 | 29 Views

Tshinga Dube pleads with BCC over eviction

by Staff reporter | 20 July 2019 | 25 Views

Headmaster caught pants down with married teacher

by Staff reporter | 20 July 2019 | 39 Views

Chief Mugabe selection process rocked by disputes

by Staff reporter | 20 July 2019 | 23 Views

Government programmes poorly supervised, says Zanu PF official

by Staff Reporter | 20 July 2019 | 67 Views

Zimbabwe govt works on 50:50 principle

by Staff Reporter | 20 July 2019 | 65 Views

Zanu-PF tried and tested, says Obert Mpofu

by Staff Reporter | 20 July 2019 | 58 Views

Poacher gets 9 years behind bars

by Staff Reporter | 20 July 2019 | 57 Views

Woes mount for Prophet Magaya

by Staff Reporter | 20 July 2019 | 55 Views

MDC fights for Japajapa's freedom

by Mandla Ndlovu | 20 July 2019 | 57 Views

Prophet Magaya's powerful enemies revealed

by Mandla Ndlovu | 20 July 2019 | 75 Views

Econet in major blackout

by Mandla Ndlovu | 20 July 2019 | 57 Views

'Mnangagwa redefines corruption'

by Mandla Ndlovu | 19 July 2019 | 148 Views

ZESN condemns Zanu-PF vote buying

by Staff Reporter | 19 July 2019 | 137 Views

Ramaphosa 'deliberately misled parliament'

by Staff reporter | 19 July 2019 | 104 Views

SA Home Affairs has 3000 uncollected Zimbabwe permits

by Staff reporter | 19 July 2019 | 109 Views

How CIOs benefited from Jonathan Moyo's ZIMDEF funds

by Mandla Ndlovu | 19 July 2019 | 143 Views

Mnangagwa speaks on ailing Chiwenga

by Staff Reporter | 19 July 2019 | 274 Views

Police statement on Prophet Walter Magaya

by Mandla Ndlovu | 19 July 2019 | 172 Views

Temba Mliswa writes to Nelson chamisa

by Mandla Ndlovu | 19 July 2019 | 213 Views

USD$ 3 Billion disappears in Zimbabwe

by Mandla Ndlovu | 19 July 2019 | 214 Views