Sun. Jul 21st, 2019

Zimbabwe: President Mocks Local Bond Note, Thanks Trump for Donating ‘Real Money’

3 min read
Photo: Tawanda Mudimu/The Herald

President Emmerson Mnangagwa (wearing scarf) assesses damage wrought by Cyclone Idai in Ngangu Township in Chimanimani, in the company of Manicaland Provincial Affairs Minister Dr Ellen Gwaradzimba, right, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa, partially obscured, and opposition leaders Dr Thokozani Khupe, centre, and Professor Lovemore Madhuku, in black suit.

Chimanimani — President Emmerson Mnangagwa Thursday mocked the local RTGS currency saying it was not real currency as compared to the United States dollar.

He said this in Ngangu, Chimanimani where he had visited together with leaders of some opposition political parties in the country to assess the impact of Cyclone Idai which killed hundreds and left more missing last month.

RTGS is the now the country’s official currency after government devalued it against the United States dollar and added it to the multi-currency basket as a stand-alone medium of exchange.

Mnangagwa made the comparison while thanking United States President Donald Trump for availing US$2, 5 million to Zimbabwe to assist survivors of the disaster.

The Zanu PF leader, who is under US imposed sanctions, said the donation “came as a surprise”.

“I received three letters of condolences from the Royal Family. I was so excited about this development but what excited me most was about Trump.

“Do you know Trump? President from which country?… America. Eheeee. He imposed sanctions on us, yesterday he sent his ambassador with US$2, 5 million eheeeeeee… US$2, 5 million from their country! Not maRTGS aaaah. No, I mean the real hard currency from their country (chaiyo chaiyo),” Mnangagwa said sarcastically, drawing laughter from the crowd.

He added, “Hey things do change. Kuipa kwezvimwe kunaka kwezvimwe (life brings both good and bad).”

Mnangagwa said in addition, the US has also offered material support to his government.

“They gave us US$2, 5 million but they told us that they can give us additional support through their station in South Africa. The ball is now in our court. Our only task now is just to come up with a list of our needs,” he said.

RTGS (Real Time Gross Settlement) is originally an electronic money transfer system which was introduced by authorities following acute cash shortages in the country.

When central bank governor John Mangudya delivered his monetary policy statement recently, he classified it, together with bond notes, as RTGS.

Zimbabweans businesses are resentful of the currency whose value keeps fluctuating.

In his comments Thursday, Mnangagwa said that he was impressed that the royal family wrote four letters to him paying their condolences following the Cyclone disaster.

“You know one thing, our relationship with the British turned sour over the land reform programme. Let me tell you what happened. This Cyclone kunoti zvimwe zvinoipa zvimwe zvichinaka (when some situations go bad, some turn positive).

“Queen Elizabeth herself sat down and wrote a letter to Zimbabwe, saying she had heard about Cyclone and how can she render assistance.

“Her child, Prince Charles who will take over from her, the late Princess Diana’s husband, the one who came and took over the Union Jack flag on our independence day also wrote his letter and we received it.

“Even Prince William and his wife also wrote a letter to us. Three letters came from the Royal family and that has never happened in a long time to receive such letters from the Royal family paying condolences to Zimbabwe.

“I said to myself “uuh zvinhu izvi (this occurrence). The letter also mentioned that the relationship between Zimbabwe and Britain should be strengthened.

“I was happy to receive such letters,” said the President.”

Source

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