Denford Magora's Latest Zimbabwe News Blog

"No More" - Tendai Biti's proposed amendments to the Rserve Bank of Zimbabwe Act are designed to ensure that the Bank does not revert to being a funder of lavish lifestyles for Zimbabwe's elite from ZANU PF. Gono is put in such a straight jacket by the revisions that he will effectively need the Minister's permission to so much as cough and sneeze. Harare, Zimbabwe, 19 November 2009 I was rather surprised that even our most senior businesspeople in Zimbabwe are unaware of the details contained in the revision of the Reserve Bank Act, which Mugabe's ZANU PF has now said will never see the light of day. Why so much noise, and what exactly is Tendai Biti trying to do with this amendment that has got ZANU PF knickers in a twist? Is it true what the party is saying, that the Act revision is targeted at an individual? Here's the detail, then. The focus of the amendments is on Section 6 of the RBZ Act, which will be amended to say that the Bank should only focus ...

Finance Minister Tendai in parliament: His proposed Reserve Bank of Zimbabwe Bill now faces certain death after ZANU PF announced over the weekend that they will oppose that Bill unless it is amended to their liking. The ridiculous claims from ZANU PF are that the Bill targets an individual (Gideon Gono) and have, therefore, nothing to do with reform of the institution itself. They have also expressed alarm at Tendai Biti's characterisation of the Bill as a "transitional mechanism". As a result of this, ZANU PF sees regime change skeletons in all manner of closets! Harare, Zimbabwe, 15 November 2009 ZANU PF MPs have now openly come out to say that they will scuttle the Reserve Bank Bill being proposed by Finance Minister Tendai Biti of the MDC. They claim the bill is aimed at an individual and not the institution. In addition, they are arguing that it puts too much power in the hands of the Minister and is contrary to regional best practise, which is to give the Central B...