Mnangagwa's patience with Mangudya wearing thin

PRESIDENT Emmerson Mnangagwa's patience with the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya could be wearing thin, NewZimbabwe reported. Mnangagwa has failed to hide his annoyance with his incompetent lieutenants who have failed to rein in the parallel currency market that has continued to wreak havoc in Zimbabwe.

Mnangagwa said everyone must play according to rules as economic saboteurs face imminent arrest.

The President said those who walk through the straight and narrow need not fear.

President Mnangagwa made the remarks in his weekly Economic Dialogue published in The Sunday Mail and Sunday News yesterday. The President said police investigations have proved that illegal money changers operating from the streets are mere pawns in the black market scheme.

He said the banking sector has a case to answer as some of the illegal financial flows are happening right under its nose.

"In most economies, sudden huge movements of money or unexplained "swelling" of deposits raise eyebrows. Millions have been moved unexplained in our financial services sector, with no one batting an eyelid," President Mnangagwa said.

"Considering that more than $9 billion is passing through different electronic platforms and leaving an 'electronic trail', it is inconceivable that these illicit transactions have and can ever go on undetected or unnoticed. It simply cannot be," the President said.

Mangudya has watched helplessly as the illegal forex market thrives while the official economy struggles with hard and local currency shortages.

Unconfirmed reports suggest Mnangagwa is set to replace Mangudya when the RBZ boss's first term ends in February next year.

Banker John Mushayavanhu, one of the President's acolytes, according to sources, is tipped as a possible replacement.