War of words escalates as Biti insists new currency already printed

MDC Alliance Vice President Tendai Biti speaks during a press conference capital Harare on June 5. / AFP PHOTO / Jekesai NJIKIZANA
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The former Minister for Finance, Tendai Biti said that the government of Zimbabwe is set to introduce a new currency this week.

Biti made the claims earlier today and the Deputy Minister of Information and the Ministry itself issued statements dismissing the claims.

However, Biti reiterated his sensational claims on Monday evening, challenging the government’s position. He insisted that the new currency has already been printed. Wrote Biti:

The regime has been caught with pants down. It is a fact that a new currency has been printed and that negotiations are taking place now with major holders of cash It is fact that Cabinet has approved new currency despite paternity fight between John [Mangudya] and  Mutuvi [Mthuli Ncube]. Now please deny this.

Earlier today Biti said:

The regime will this week introduce a new Zimbabwe currency not backed by any #reserves & without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.

There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.

Considering the #harm and #damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.

Source: Pindula