Accessibility links

Breaking News

Harare Finance Panel Critical of Central Bank's Forex Overhaul

The Zimbabwe parliament's finance committee has come down hard on Reserve Bank Governor Gideon Gono for a currency overhaul that has caused major problems for the Southern African nation including large losses for consumers and businesses.

Committe sources said panel members felt Gono should have tabled his plans for the currency devaluation, redenomination and reissue before proceeding on July 31.

The committee intends to solicit consumer and business testimony in public hearings, then report to the full parliament, said sources including Abednico Bhebhe, a member of the finance committee and deputy spokesman for the faction of the opposition Movement for Democratic Change led by Arthur Mutambara.

Bhebhe told reporter Chris Gande of VOA's Studio 7 for Zimbabwe that the monetary overhaul, which involved the July 31 devaluation followed by the still-ongoing process of exchanging old banknotes for new currency, and saw the arrest of more than 2,000 people for holding sums deemed suspect, has divided ruling party legislators.

More reports from VOA's Studio 7 for Zimbabwe...