Latest News Updates

THE parliamentary portfolio committee on Finance and Economic Development will summon central bank officials responsible for handling foreign currency amid allegations of misappropriation of the foreign exchange.

The allegations, which surfaced when Finance permanent secretary Willard Manungo and central bank governor John Mangudya appeared before the committee on Monday, came at a time when the economy has been experiencing foreign currency shortage. The monetary authorities attribute the cash shortage to a mismatch between exports and imports.

Harare East legislator Terrence Mukupe asked Mangudya whether he would allow the committee to summon some of his officials for a public hearing to question them based on information they had.

This comes as the central bank recorded $2,4 billion in foreign currency that has arrived into the country between January and May 31 this year from mainly exports and diaspora remittances.

Of the foreign currency received during that period, RBZ retained about 30% with Mangudya highlighting they could account for that portion of the funds and not the 70% kept by banks.

“On our books there should be enough cash circulating in the economy, but we are finding that is not the case due to market indiscipline,” he said.

  • newsdayRead More News
  • About

    public.co.zw is Zimbabwe online notice board, we look all over the internet for zimbabwe latest news and interesting information that affects our everyday life and pin them here.

    An Elitepages Project