Reserve Bank of Zimbabwe governor, John Mangudya ZIMBABWE’S high spending government went beyond its central bank overdraft limit, spending $400 million more that the stipulated $800 million in 2017, Reserve Bank governor John Mangudya revealed yesterday. In any given year, government borrowing from the central bank is capped at 20 percent of its revenue the previous year. Government revenues fell short of $4 billion in 2016, meaning its recourse to the RBZ overdraft should not have exceeded $800 million in 2017. Zimbabwe has run ever widening budget deficits, funded mainly through the issuance of treasury bills and borrowings from the central bank, fuelling resurgent inflation. Mangudya called for belt tightening by President Emmerson Mnangagwa’s new administration, promising…