The fight between ED Mnangagwa and General Chiwenga has moved to the Reserve Bank of Zimbabwe.
This has resulted in the dramatic fall of the RTGS dollar, which has lost over 30% in the last month.
General Chiwenga, who controls the RBZ, has been protecting the interests of his Chinese friends, while ED Mnangagwa, who controls the Ministry of Finance, has been frantically trying to keep the currency stable.
A good example is what happened with the Chinese Construction Company that is working on the Gwai Shanghai Dam.
The company was paid in RTGS Dollars. Mthuli Ncube then signed what he called a currency swap deal with the Chinese.
However, instead of going through the formal market, the Chinese company dumped the RTGS dollars into the black market.
This was all visible to the RBZ. The RBZ knows the bank account where the money went, and how the foreign currency moved between accounts.
Instead of acting, the RBZ waited for weeks until the Chinese firm had completed their transactions.
Only then, did the RBZ first issue a tweet before reporting the company to the Regulator.
By that the bank accounts were frozen , the Chinese company had moved all their money out.
The RBZ has also given permission to various companies to use foreign currency for example, ZIMRA, NRZ, Fredda Rebecca and Passport Office.
Fredda Rebecca Mine is owned by the Chinese.
The truth is that John Mangudya doesn’t believe in Mthuli Ncube ‘s policies.
It was never Mangudya ‘s idea to totally de-dolarise.
Mangudya, with the protection of General Chiwenga, is actively resisting ED Mnangagwa ‘s policies.
The Chinese are also helping to fight ED Mnangagwa by Refusing to grant Mnangagwa a bailout.
The result is that the RTGS DOLLAR will totally crash within a short space of time and the Chinese will be able to move out their money as they wish.
