Former Finance Minister Tendai Biti has accused controversial businessman Kudakwashe Tagwirei of playing a central role in the collapse of Zimbabwe’s local currency in 2019, claiming that an injection of $360 million into the market triggered the economic downfall.
Speaking on the matter, Biti alleged that Tagwirei’s financial activities during June and July 2019, through his network of banks, were responsible for destabilizing the local currency.
“His banks were frozen but the net result was that $360 million dollars was flooded on the local market and the local currency collapsed,” said Biti.
He added that international institutions such as the IMF were alarmed by the unregulated flooding of currency into the market, viewing it as a red flag in terms of fiscal management and credibility.
Biti further criticized ZANU-PF’s current economic posture, boldly stating that it has been reduced to nothing less than a commodity.
