Finance Minister withdraws RBZ Amendment Bill

Finance and Economic Development Minister Professor Mthuli Ncube has withdrawn the Reserve Bank of Zimbabwe Amendment Bill before Parliament saying the issues it sought to address were already catered for in the Finance Bill.

The RBZ Amendment Bill sought to move into permanent law the temporary legislation made under Presidential powers concerning the use of the Zimbabwean dollar and the ending of the multicurrency regime.

Minister Ncube announced on Tuesday in the National Assembly that he intended to withdraw the RBZ Amendment Bill after legislators indicated that some of the issues were in the Finance Bill that was under debate.

During the second reading stage of the Finance Bill, which seeks to give legal effect of the 2020 National Budget statement, Dzivarasekwa MP Mr Edwin Mushoriwa (MDC Alliance) had said the bulk of what was in the legal provision were in the RBZ Bill.

Mr Mushoriwa said it was not prudent to have the RBZ Governor and his or her deputy to be at the helm of the Monetary Policy Committee saying such an arrangement defeated its independence.

“After doing their business they will come back to the RBZ board and report to the Governor as the chair and the Deputy Governor as deputy of the committee,” he said.

In response, Prof Ncube said such an arrangement was consistent with the best practice worldwide.