RBZ’s Open Letter To Zimbabwe

RBZ’s Open Letter To Zimbabwe
Published: 2016 June 15 06:55:16 (2879 Views)

FIRST and foremost we would like to send our deepest sincere apologies for the ‘Zim dollar’ demise and all things that came with it. It was during extraordinary times and we employed extraordinary measures to counter the challenges at the time.

As you know those were trying times as Zimbabwe was under severe strain from biting sanctions and production had ground to a halt. Again we are very sorry about the deviation from our core business to avert a national disaster at that time.

Letter to banks
Apologies for the utilisation of the bank balance during the trying times through necessary quasi-government operations. In addition the surveillance and monitoring of the sector probably wasn’t as adequate as it should have been to monitor each and every player in the sector that led to contagion effects when we closed non performing institutions to the detriment of the entire market.

Letter to Zimbabweans
Apologies for reducing the value of your savings, pensions and deposits to nominal levels. It wasn’t our intention. The untimely fall of finance houses caused untold suffering. It was our darkest hour of need in our financial history and a very dark chapter.

Letter to business
Apologies for disbursing your balances that were held in trust with ourselves through your respective banks as well as reducing your Zimbabwean dollars to zero. This also affected the stock market exposures in those times and also affected the financial markets.

Letter to IMF & Co.
Apologies for the lack of commitment to settle our debts on time, all the time during the challenging times. We had to abandon some obligations as the situation was dire and communication was non existent for a very long time and our energies were in trying to extinguish the economic flames before we had a clear picture of where we were heading to.

We hope all accept our apologies to move forward. In the regards of moving forward and starting anew we are appealing to everyone to come to the party and work together as one solid unit as we build again.

Appeal letter to Zimbos
As we enter into the new phase of our economic journey we appeal to the populace to make use of financial services. From SMEs to conglomerates we appeal to use the facilities at our disposal as we have ensured the systems are safe, secure and sound. Make use of our systems. We have confidence and our evaluation of these are on going therefore feel free to use them be it transfers, investments, banking facilities and international services. We encourage you to use as much as possible the plastic money that is advertised by various institutions.

Appeal to start savings initiatives
Appeal letter to banks, microfinance institutions and insurance companies. Our appeal is to reach out to the unbanked members of the society with financial solutions to bring the entire informal sector into the formal banking sector. Kindly keep your services costs at affordable levels. We have faith that you will abide by the recommendations that we agreed to be it on service and services fees together with those risk management principles that are supposed to be adhered to.

Please participate in our TBs auction and your recommendations are most welcome. Let’s all keep our eye on the minimum capital requirements to keep the confidence bubbling and the corporate governance should be a priority. Above all observe the best practice recommendations coupled with excellent risk management techniques.

Kindly craft products that encourage people to save and thus want to bring monies in the formal system. Let’s guard against greediness, glutton and instant glory but focus on sustained growth through proper business ethics.

Kindly practice corporate governance, follow best practice procedures and risk management to safeguard the industry as a whole and preserve its integrity at all times.

Appeal letter to business

To our businesses please continue to use the financial services. It is sound and well lets us channel our transactions through the formal channels and desist from parallel structures and illegal financial outflows. We appeal for best practices procedures to be followed.

An appeal to International community
As we start to service our debts in line with the IMF adopted plans we would like to appeal to this community to give us correct assistance be it advisory and funding in line with our requirements. May we be allowed to craft our own solutions to give the economy the kick-start it deserves. We have already started settling some obligations.

An appeal to the government
As we are turning a new leaf on the economic footprint we would like to appeal to the government to assume our debts that were incurred during the hours of need so that we can perform the lender of last resorts. We are committed to bringing confidence on the market and thus our earnest appeal in this regard. This will go a long way in capacitating the institution both human and financially.

Our strategic pledge
We as RBZ pledge to create a vibrant and dynamic financial insurance for business to thrive in. We are capitalising to meet our mandate. We appeal to all parties for a united approach. As we introduce bond notes please accept their use as we incentivise our exporters. Watch out for our road shows.

We are amending our constitution in line with the mandate of the central bank (safeguarding business and individuals interest) so that yester year errors are not repeated.

We are in the process of resuscitating the lender of last resort to kick start our money market operations. We are on course, once full funding is secured we’ll go into this full time to alleviate liquidity challenges between financial institutions.

Lets us reiterate once again that we are not in any way bringing the ‘Zim dollar’ in the near future up and until the economy performs well ie increased exports, strategic reserves threshold reached, infrastructural development among other requirements.

We are excited of the future prospects of our Zimbabwe and we believe the steps we are taking will unlock value and arrest liquidity challenges as we try to reduce commercial shenanigans to minimum levels.

As Africans that practice “Ubuntu” please find it in your hearts to forgive so that we can forge a mutually cordial trustful relationship going forward. Once again sorry for yester-years.

Yours Sincerely


Morris Mpala is the managing director of MoB Capital Limited, a micro-finance company with footprints across the country.

- Chronicle
Tags: RBZ, bondnotes, rand, dollar, ,

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