Mthuli Ncube to appeal High Court ruling on Exchange Control Directive

Mthuli Ncube

THE Minister of Finance and Economic Development Professor Mthuli Ncube assured the nation that the monetary arrangements which were put in place as a result of the Exchange Control Directive will remain in place pending the outcome of the appeal to be noted in the next few days.

In a statement regarding the court judgement on the Exchange Control Directive No. R120/18 on the separation of RTGs FCA accounts and FCA Nostro accounts, Professor Ncube said the government and Reserve Bank of Zimbabwe do not agree with the conclusion in the judgement to the effect that the Exchange Control Directive is unconstitutional.

“They take the view that the court has failed to give a proper interpretation of the directive. In the circumstances, the government and the Reserve Bank of Zimbabwe intend to file an appeal against the judgment. They are further fortified in this cause of action by the fact that the court did not impugn the provisions of the Finance (NO2) Act, 2019and the amendments made to the Reserve Bank of Zimbabwe Act [Chapter 22:15] which were based on the Exchange control directive in question,” he said.

Below is the full statement:

RE: PRE. STATEMENT ON COURT JUDGMENT ON THE EXCHANGE CONTROL DIRECTIVE NO. R120/18 ON THE SEPARATION OF RTGS FCA ACCOUNTS AND FCA NOSTRO ACCOUNTS

The Attorney General has brought to my attention the judgment on the Exchange Control Directive No. R120/18 pertaining to the separation of RTGS FCA accounts and FCA Nostro accounts.

Government and the Reserve Bank of Zimbabwe do not agree with the conclusion in the judgment to the effect that the Exchange Control Directive is unconstitutional. They take the view that the court has failed to give a.proper interpretation to the directive.
In the circumstances, Government and the Reserve Bank intend to file an appeal against the judgment.

They are further fortified in this cause of action by the fact that the court did not impugn the provisions of the Finance (No.2) Act, 2015 and the amendments made to the Reserve Bank of Zimbabwe Act [Chapter 22:15] which were based on the Exchange Control Directive in question. Accordingly, Government and the Reserve.Bank of Zimbabwe wish to assure the nation that the monetary arrangements which were put in place as a result of the Exchange Control Directive in question will remain in place pending the outcome of the appeal to be noted in the next few days.

Hon. Prof. M. Ncube MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT

Source – zbc