Banks act on cash crisis

Dr Mangudya

Dr Mangudya

Herald Reporters—
RESERVE Bank of Zimbabwe Governor Dr John Mangudya yesterday said local banks imported enough cash following a temporary shortage in the past few days that crippled operations. However, the central bank chief could not disclose how much was imported.Most automated teller machines ran out of cash this week due to growing demand as pay dates for most civil servants and the private sector coincided, Dr Mangudya said.

“February was a short month and demand for salary payments, for both the public and the private sector far exceeded the cash that was available.” The central bank governor encouraged the banking public to use plastic money, particularly given that the country was using multi-currencies, which it did not print and control.

“We have imported enough money, so the public should not panic. But I also urge people to use point of sale when transacting. It is a national responsibility for everyone, especially at a time we are not in a position to print money.”

Dr Mangudya said Zimbabweans should do away with the appetite for keeping “cash in their pockets.” There are local businesspeople who do not bank their daily takings, preferring to keep the money in safes at home, fuelling cash shortages. At the height of economic challenges in 2008, Zimbabwe opted for a multi currency regime anchored on the US dollar.

The objective was to stabilise the economy and establish a credible nominal anchor.

A survey conducted by The Herald yesterday showed that the situation had significantly improved with many ATMs now dispensing cash. Some banking officials confirmed that the situation had improved from previous days that saw some bank shutting downmany ATMs. “It was a temporary situation which was caused by huge demand by civil servants and workers in the private sector but the situation has improved,” said an official with a local bank.

Economic analysts said Government should also promote the use of plastic money and mobile financial services as attitude towards this had not been “very encouraging.”

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  • haiwawo

    Zvatanga futi!

    • todiizvazvo

      I feel pity for those who get their salaries through banks, no money!!
      for those who do not bank, keep your monies there or else u will lose it when ZANU raids accounts looking for money to pay Mugabes trips!.

  • Wilson Magaya

    It is time to be BOLD and take the bull by the horns for the benefit of the people and the nation. Lets get ourselves organized and lets take queue from the commitments you made in Lima and come up with a medium to long term economic strategy that amongst other things deals with the issue of money. Please note there is a difference between money and currency. We are currently focused on currency yet as a nation our issues are with money. Upfumi (wealth) huri muvanhu, because “Nyika Vanhu” Lets be bold and build our economy and have our own currency backed by our own wealth, thus money.

  • Luke Gwizo

    FAILED STATE that’s what it means in simple terms

  • Luke Gwizo

    Bobnomics Kikikikiki the Dude has seriously failed us countrymen, open your eyes folks

  • Collin Mackenzie

    People should learn to bank daily takings period.

    We see alot of hard core cash from Zimbabwe in South Africa.
    How does an individual carry up to 50 thousand usd in cash?

    The banking sector in Zimbabwe needs to move with the times of technology and development the sector to enable transfer electronically and other value added services

    Zimbabwe has become so backward in everything.
    Even to the extent that you have have a red sticker on your yet one has built in reflects, but you must still copy an paste your ride.

  • Collin Mackenzie

    Do people pay tax in Zimbabwe ?

  • Collin Mackenzie

    Zimbabwe has nothing not even at Chicken Inn, nothing not even when filling fuel nothing,nothing
    No POS machine what that means.
    We don’t know it we only see them in the movies.

    In Zimbabwe you will died with your plastic money.
    Everything is cash Baba
    You talking about sweets that’s change to us in Zimbabwe baba.
    When the cashier has no change, he or she will tell you,not even ask you to take 3 or 4 sweets ma one

    hence every elderly person has sugar these days Zimbabwe because of Sweets.

    Zimbabwe marara chete chete baba.
    Buy a new car it will only last you two weeks before it starts falling apart because of our bad roads and portholes.
    Hence Chinese cars have be a dumping group in Zimbabwe, no spares and now thieves are breaking into your yard for parts and accessories because it’s easier to steal and worse with no street lights and the urban plantations rape has gone up life in general no longer has value Zimbabwe.
    We don’t have a single working lift and you talk about plastic money.
    Yhoooo Zimbabwe baba Is particularly useful for ministers only with there oversized suits and jackets.

    Not one wears a slim fit all borrowed outfits from the dead.

    Then one can stand up an tell you about plastic money ask that Governor does he have plastic card apart from his id ?nonsense maaaaan
    People it’s about time we tell these people want we want and how,because they know nothing.

    He must Shut up maaaan what a joke an an insult.
    But hay we love Zimbabwe.