Mthuli Ncube To Fight High Court Ruling
Minister of Finance and Economic Development Mthuli Ncube has said that the government will fight the High Court judgement which ruled that the conversion of USD bank balances to RGTS was invalid. High Court judge Justice Zhou ruled that the 2018 decision to split FCA & RTGS accounts unconstitutional.
However, Mthuli Ncube said that the government would appeal the decision at the Supreme Court because the “court failed to give a proper interpretation to the directive.”
The controversial measures remain in place pending appeal, according to finance minister Mthuli Ncube.
Below is the full statement by the Finance Minister which iHarare is publishing in its entirety.
RE: PRESS STATEMENT ON COURT JUDGMENT ON THE EXCHANGE CONTROL DIRECTIVE NO. R120/18 ON THE SEPARATION OF RTGS FCA ACCOUNTS AND FCA NOSTRO ACCOUNTS
The Attorney General has brought to my attention the judgment on the Exchange Control Directive No. R120/18 pertaining to the separation of RTGS FCA accounts and FCA Nostro accounts.
Government and the Reserve Bank of Zimbabwe do not agree with the conclusion in the judgment to the effect that the Exchange Control Directive is unconstitutional. They take the view that the court has failed to give a.proper interpretation to the directive. In the circumstances, Government and the Reserve Bank intend to file an appeal against the judgment. They are further fortified in this cause of action by the fact that the court did not impugn the provisions of the Finance (No.2) Act, 2019 and the amendments made to the Reserve Bank of Zimbabwe Act [Chapter 22:15] which were based on the Exchange Control Directive in question.
Accordingly, Government and the Reserve Bank of Zimbabwe wish to assure the nation that the monetary arrangements which were put in place as a result of the Exchange Control Directive in question will remain in place pending the outcome of the appeal to be noted in the next few days.
Hon. Prof. M. Ncube
MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT
Former Minister of Finance and opposition politician Tendai Biti was scathing in his reaction to Mthuli Ncube’s decision to fight the High Court ruling. Writing on Twitter, Biti said,
But this @MthuliNcube fellow is an absolute jerk. As the judgment itself shows, he on behalf of the regime, refused to make any substantive defence arguing that dispute was a private one between a bank & its client.More seriously you can’t honestly defend theft of pensions & savings.
But this @MthuliNcube fellow is an absolute jerk. As the judgment itself shows,he on behalf the regime,refused to make any substantive defense arguing that dispute was a private one between a bank & its client.More seriously you can’t honestly defend theft of pensions & savings https://t.co/UxnOJvGG21
— TENDAI BITI (@BitiTendai) May 16, 2020
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