Ring Fence People’s Bank Balances Against Returning Inflation: Biti

People’s Democratic Party leader, Tendai Biti on Wednesday called on the government through the central bank to ring fence people’s bank balances against returning high inflation urging people to resist attempts to return the Zimbabwe dollar saying the move is not supported by science or logic.

Biti made the remarks while addressing what he termed the State of the Economy Address (SEA) at his Milton Park offices in Harare.

We also demand that all current balances in people’s bank accounts which are indexed in US$ and not bond notes, must be ring fenced immediately, to protect the same against vagaries of the returning high inflation and the multiple exchange rate,” said Biti.

He added that the MDC Alliance which his party subscribes to is premised on the need to capture the Zimbabwean dream and offer road map to a new and sustainable Zimbabwe.

“The purpose of the MDC alliance is to capture the Zimbabwean dream and offer a road map to a new sustainable Zimbabwe.

“In due course we will launch our economic blueprint, under the banner of the MDC Alliance focused on creating the transformative democratic developmental state whose key target will be to produce a $100 billion economy in under 10 years,” said Biti.

He accused former Finance Minister, Patrick Chinamasa of raiding the central bank balances saying this is a criminal act which warrants imprisonment.

“The RBZ net claims on the Central Government…which were $1.8 billion in August 2016 are now $3.5 billion; represent the government’s continued raiding of Central Bank balances.

“This is shocking and criminal, it vindicates our point that Mr Chinamasa needs to be locked up at Chikurubi,” said Biti.

He added that Zanu PF will not be able to run this economy ,never mind the turn around the same hence the calls for the establishment of a National Transitional Authority.

The ex Finance Minister called for the inclusion of Point of Sale machines in the informal market as has been done successfully in other countries.

He appealed for the ring fencing of people’s balances in bank accounts which are indexed in US$ and not bond notes to protect them against inflation and the multiple exchange rate.

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