The former Cold Storage Commission general manager
confirmed his resignation this week but did not disclose why he had opted out
during the most critical time for the RBZ, which has battled to stem an
inflationary rage in the past two years and bring stability to the financial
services sector.
But banking sector sources said this week the former
legislator had recently complained about fatigue and frustration at the central
bank.
The sources said there have been attempts at the Ministry
of Finance and Economic Development to gag the outspoken economist, who is
known for speaking his mind.
“Yes I resigned from the MPC,” Cross said this week. “But I
would rather not say more than that,” he added.
The MPC was established in September 2019 following many
years of absence after Zimbabwe adopted a multicurrency system in 2009 to
stabilise the economy in the aftermath of the downturn between 2007 and 2008,
which knocked off the domestic currency.
RBZ governor, John Mangudya chairs the MPC. Cross’s frank
analysis and disclosures of what would be taking place at the central bank has
triggered concern within the government and at the RBZ.
For instance, he revealed in 2019 that a new currency was
to be introduced, even before the RBZ was ready to announce the development.
This prompted Information ministry secretary Nick Mangwana
to issue a statement denying the claims.
“We would like to make it clear that Mr E Cross does not
speak for the Government of Zimbabwe,” said Mangwana at the time.
“Neither does he speak for the Reserve Bank of Zimbabwe.
His views are personal and not indicative of the government’s policy thrust,”
Mangwana said.
After the fallout, Cross would also reveal that the RBZ was
introducing a ZW$50, ZW$100 and ZW$200 banknotes to increase physical money
supply from ZW$1,4 billion to about ZW$3 billion.
“Some time ago, we made a decision in the MPC to introduce
new ZW$200, ZW$100 and ZW$$50 notes,” Cross said.
“I understand that this is being dealt with by the governor
working with the President because the President has to approve the designs and
everything else…But I understand that the ZW$50 note will be available early in
the New Year,” he said.
Mangudya later denied that the central bank would print the
ZW$100 and ZW$200 notes amid fears by the market that this would stoke
inflation.
Cross recently told an Alpha Media online forum, The Big
Debate that the RBZ was printing ZW$1 billion (US$12,05 million) weekly, mainly
to buy gold. Zimbabwe Independent
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