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Trading  | November 21, 2017

Zimbabwe’s Speaker of Parliament Jacob Mudenda had barely finished reading the rules and regulations of how impeachment proceedings would proceed against President Robert Mugabe when the 93-year-old leader and former revolutionary surprised his colleagues by officially resigning the presidency – something he had been reluctant to do even after the military placed him under house arrest last week.

Both Reuters and the Associated Press confirmed that Mugabe had resigned, citing an announcement made by Mudenda.

 

 

“I Robert Gabriel Mugabe in terms of section 96 of the constitution of Zimbabwe hereby formally tender my resignation… with immediate effect,” said speaker Mudenda, reading Mugabe’s letter.

“My decision to resign was voluntary on my part.”

Zimbabwe’s Parliament has erupted in cheers as the speaker announces the resignation of President Robert Mugabe. The speaker stopped impeachment proceedings to say they had received a letter from Mugabe with the resignation “with immediate effect.” It is an extraordinary end for the world’s oldest head of state after 37 years in power.

Mugabe’s resignation came days after the Zimbabwe African National Union-Patriotic Front party fired him as its leader and ordered him to step down. In his place, Emmerson Mnangagwa, 75, who Mugabe dismissed as vice president earlier this month, will take over as interim leader and the leader of ZANU-PF, the country’s ruling party. Mnangawa will also be ZANU’s candidate in presidential elections next year, the party said.

 

 

Mugabe came to power in 1980 after Zimbabwe gained its independence from the UK. He was ousted earlier this month after he fired Mnangagwa and appointed his much-younger wife, Grace, 52, in his stead. Mugabe, it was widely believed, was positioning Grace to succeed him as ruler of Zimbabwe.

Once an shining example of economic progress, Zimbabwe’s economy began crumbling in the early 2000s as Mugabe seized land from white farmers and turned it over to friends of his government. The country’s currency experienced a hyperinflationary spiral that rendered the savings of millions of Zimbabweans worthless. The recent unrest has sent many Zimbabweans scrambling to buy bitcoin, which recently traded at $13,000 on Golix, the country’s primary bitcoin exchange. That’s a more than 50% premium over its global price. Bitcoin’s global price of around $8,000.

Mugabe baffled many of his countrymen on Monday when he refused to resign during a widely watched public address, insisting instead that he would lead the next Congress. In response, both opposition and Zanu-PF lawmakers said they would immediately begin impeachment proceedings.

The president furnished his resignation after only three cabinet ministers showed up for a cabinet meeting he called for Tuesday.

 

The BBC tweeted footage of Mudenda reading Mugabe’s resignation letter aloud:


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