Cash crisis hits banks, shops

Dr Mangudya

Dr Mangudya

Herald Reporters
Banks have introduced stringent cash management systems including limiting maximum cash withdrawals to $500 per transaction and switching off some of their ATMs following a liquidity crisis that has hit the market, it has emerged.

Although some bank officials tried to put the matter under a lid, market snap surveys in and around Harare, however, revealed that even the Zimswitch facility had been disabled and customers were unable to receive cash backs from some supermarkets.

Tobacco farmers were also not able to access their money as some ATMs were off and they were only allowed to withdraw limited amounts from banking halls.

Last week, the central bank directed all tobacco farmers to open bank accounts into proceeds of their tobacco will be deposited.

In the previous seasons, farmers would cash their cheques at the banks at the auction floors, but will now have their money deposited directly into their bank accounts.

Last year, over 70 000 farmers, mostly small-scale, registered to grow tobacco, but the majority of them had no bank accounts.

Reserve Bank of Zimbabwe Governor Dr John Mangudya confirmed the cash challenge and appealed to the banking public to adopt the use of plastic money in order to minimise high demand for cash associated with traditional payment dates.

“As the central bank, our key function is to ensure financial stability in the economy and that people are able to get their money when they want it. We are aware of the situation and the high demand for cash because of salary and bonus payments (for civil servants),” he said adding that banks had been requested to increase their cash imports.

“However, importing cash is not an overnight event . . . it takes time but we are confident that the banks will be able to sufficiently meet the requirements of the banking public.”

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 con- trol.

“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. There are local businesspeople that do not bank their daily takings, preferring to keep the money in safes at home, fuelling cash shortages,” he said.

Zimbabweans generally prefer keeping hard cash even though there are some alternative payment systems such as point of sale and mobile platforms. It has also been observed that the country has low confidence in the banking system following the loss of savings after the transition to the multi-currency system from hyperinflation.

There have also been concerns about transaction charges on the various platforms such as POS, mobile money platforms and the fees of maintaining bank accounts (which in turn results in highly short-term deposits).

Dr Mangudya said the central bank advised tobacco farmers to open accounts so that they could access their money through ATMs and accounts and urged banks to comply.

“When farmers want to purchase goods that cost huge amounts, they should use wire transfers and use cash when purchasing smaller goods. When farmers access their money through banks, they can be able to get loans in the future which are good for their business as these loans will assist them in the production of the crop,” said Dr Mangudya.

However, analysts say promoting the use of plastic money in a highly informalised economy such as Zimbabwe would be difficult as cash was the widely accepted form of payment and financial inclusion was still low.

Capital markets analyst Fiona Chigwida said the push for the use of plastic money would only be possible when financial inclusion reached the 90 percent level that the RBZ set as its target.

“You cannot introduce measures in response to a crisis. The use of plastic money is good but Zimbabwe is not ready for it especially after the trauma of the hyperinflation and subsequent closure of some of the banks. Maybe Dr Mangudya needs to concentrate on building confidence in the banking sector first.”

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  • revai

    the chickens are coming home to roost

  • Brian

    Gentlemen zvaramba izvi,give the farms back to the productive whites,you will see change

    • Cde Mzvinavhu(Prof)

      Ah usate mudumbu iwe. Its the sanctions stupid causing our problems.We will soldier on . Cowards can jump out and scream for sanctions devil`s hand. Tails between out legs diplomacy, nada ,nada! Our land back to Boers barking is anathema. When the US congress were debating the sanctions law they correctly forecast the suffering and squealing of Zimbabweans from the sanctions squeeze , hoping the people would vote for your stooges party, MDCT. Cowards die before they are speared! We will sing Ebenezer!

      • Concerned Citizen of Zimbabwe

        Wena you are dying a slow death, You cant see ngempela that things are bad and they are becoming worse?? No money in Banks its not child’s play. Do you think this will affect MUGABE a big no his money is invested ####, Medication he gets from White countries wena you will suffer like a fool who writes wrong answers and mark them correct thinking he is fooling people. Your mentality needs some scrutinising and I just hope you ##is not contagious.

      • Tapfuma

        The Zanu-PF Government has long had a choice to prioritise another currency, the SA Rand or Chinese Renminbi over the US dollar, or even join the Rand zone to benefit from lower priced imports from its largest trading partner. However since the traitorous sellout ####by far prefers to prioritise corrupt benefits accrued from their individually profitable dollar transaction shenanigans, to aliment their####s, we know who to hold accountable without resorting to imaginary sanctions.

      • jojo

        Panama papers not sanctions has syphoned money out of this country

      • jojo

        John Brendenkamp .the name sounds Boerish to me

      • Brian

        Sanctions causing corruption,sanctions causing ZANU infighting,sanctions stole $15 billion we are not as stupid as the rural folk who you preach that crapp to.

        • Cde Mzvinavhu(Prof)

          Brian you need not enjoy the foolish retinue of comments from your fellow MDC sellouts & stooges who are blind to the satanic effects of sanctions. When people suffer because of sanctions some resort to illegal means to survive , hence the unacceptable level of corruption. ZANU PF does not condone corruption. Your MDC T leader was involved in double dipping over the Highlands house. That shows corruption can occur across the political divide and any social level. . The issue of $15 bil is being investigated and there is no need to dailly flyover it as if the government was the culprit. After investigation by the relevant government office the nation will be apprised of the true facts. For now its vainglorious for any one whose political fortunes are waning to use the intimation as one`s political Bible and verse. I need hardly dwell on the issue before facts are proffered to ascertain its veracity. If it turns to be unfounded, so what? It is turns to real then then it will be treated with the wrath it deserves. For now ,please don`t point fingers to the government for raising this intimation as we try to nationally audit the diamonds issue. Please tell all your supporters attacking me on my plausible comments , to seek wisdom and soberness before they abuse this educative forum. Any weaknesses in our government , which are also found in other countries , should not obscure the main cause of our economic wounds. Is there no ugly corruption in SA, Kenya, Nigeria, just to mention few countries.. Would these countries been economically healthy with satanic sanctions? I rest my informed position.

          • The Light Bringer

            Please name ONE “satanic sanction” that is affecting the Zimbabwean economy.

          • zimbotry

            More action by Government would make your comments believable

          • PapiPacho

            So who is the culprit? Where was the gvt when the money was being stolen? What were they doing? Of course we point fingers to the gvt. The gvt has oversight of all this and they are to blame. No politics here, no sanctions, no Tsvangirai. What happened to 15 Billion? How was it stolen? Who stole it? And most importantly How will they stop this from happening again? Simple questions that deserve simple answers not political hogwash and a way forward. Dont hide behind sanctions, namecalling or big words

          • succuba

            Which “satanic” sanction (prof), you keep failing to tell us this hiding behind generalisations… name ONE sanction against Zimbabwe then we can debate the issues

          • Brian

            I understand your point of view,I love Mugabe but facts are facts bhururu,he is too old,he cant cope with the corruption,another fact is murungu is a giant we can never win them,bottomline is we need to make sure people dont die of hunger as is the case even if it means compromising with the west as we are already using their dollar and begging them for money,we shouldnt put a false stance when by night we are begging them on our knees.

          • Brian

            If a person hates ZANU it doesnt mean they are MDC .

      • Gary WekuZviyambe

        Sanctions caused our $15 billion to disappear? You sir, are dumb! That money would have been adequate to wipe off our international debt ($10 bn) and supported our entire budget for at least a year. Blame our government which we elected, not the Western governments who are representing the interests of the nations quite well.

      • succuba

        Where did this squealing come from (prof) was it Chester Crocker?

        Tell us which sanction caused this squealing instead of hiding behind generalisations (prof)

        • Cde Mzvinavhu(Prof)

          Read the reports on the debates on ZEDRA bill, Biti and Welshman Ncube attended some of the US Congress sessions when they were lobbying for the sanction on behalf of MDC. Its not a secret. I did nt read all your attempt last time to distort the effects of ZEDRA. Only fools will believe your hogwash. The US uses its vote in Bretton Woods institutions to block any loans or economic assistance to Zim. It also bullies international financial institutions who may want to give credit lines to our companies using its satanic clout.The giving of targeted Aid in social areas while blocking loans that will turn around our economy cannot be viewed as benevolent but window dressing. While EU /US have publicly declared they will continue to impose sanctions , why do you display your impudence by claiming there are no sanctions on our economy. You make your self a laughingstock of the lucid and sane readers of your comments.

      • Bvunzai

        Ndati ndingobvunzawo zvangu Prof Mzvinavhu that when this country was one of the best economy in Africa, when it was the bread basket of Africa, when it had the best Virginia tobbaco, when it had the second best efficient public transport system in the world, when it had the best engineering, replicating vehicles and aircraft spares on its own instead of importing spares, when its currency was stronger than the green back, when it had the worlds best run low grade underground copper mine, when it could refine its own bullion, when it had no corruption and managers driving just basic cars…..was it not under UN sanctions?

        • Cde Jairos Tapfuma

          Hi Bvunzai,
          Thanks for these questions. Let me help you on some of
          the issues, I believe Prof Muzvinavhu can concur with me.. I stand to be corrected, usazondituka mwana wamai. There is
          what is called imperialism, which, arguably has replaced Colonialism.
          Imperialism is global and historical. Imperialism by definition is an
          extension of one country’s authority over another. Therefore we can call
          our former colonizers the imperial powers, and ourselves the colonies.

          For
          imperialism to work, it is centered on 3 characteristics which are: 1.
          Politics>political control is through an outright military occupation
          like what we saw happening in Iraq by the USA. During the colonial
          days, this is what was achieved by people like Cecil John Rhodes in
          Southern Africa whilst King Leopold II of Belgium was more dominant in the Congo,
          now DRC and surrounding regions. Political control is not only military
          in nature, but can also be achieved through “soft power”, which is a way
          of achieving loyalty through such activities like sports, music/movies
          (pop culture) and scholarships. I know you have heard of British funded
          scholarships in Zimbabwe and you have wondered how then the oppressors
          are supporting us educationally-it’s not for free-it’s a kind of
          investment for their future generations to maintain hegemonic control
          over colonial territories. Stick with me, I am coming to sanctions.

          2. The second control element is
          Economic: This is whereby the economy of the colony serves the economic
          interests of the imperial power. That is what Rhodesia found itself in
          during Ian Smith’s days. This is also why sanctions against him were not
          entirely successful in the first period of their imposition. They were sanctions against an errant sibling. Smith still
          had sympathisers like the BP and Shell oil companies of Britain, which
          is why a commission of inquiry into their activities was set up by the
          British government. Smith still had sympathy from Portugal, which kept import lines open through Mozambique (another colony of Portugal) during the sanctions period. You will realize how stable the economy was here,
          even after independence with multinational companies running a vibrant
          industry. The question here would be for who was the economy vibrant? to
          what extent were you as a black young person able to participate in the
          affairs of the country? In education, to what extent where you exposed
          to entrepreneurial exposure? If not, why? The idea was to make sure you
          got contend with the little wage you would get, the little 2-roomed
          house your parents got in Mufakose or Mabvuku and it would end there.The
          stability of Rhodesia’s economy was not meant to benefit, and it never
          benefited the black majority. That was by design. You mention basic cars for managers, but did white farmers not own choppers and small charter planes? If life was that simple, why then where they flying in private planes?

          3. The third
          instrument of control under Imperialism is Social. You mention somewhere on this platforms education as
          something brought about by the so-called oppressors. But let me ask you
          this, when you train your oxen at home, kupingudza mombe, are you
          training them for their benefit or for your own benefit which you get
          through their sweat? The same applies here since when we talk of social
          control we talk of issues like language, education, culture and so
          forth. The idea to make you a good English speaker is not to uplift your
          status in society. It is to make you relevant in the capitalist world
          for the benefit of the Imperialist power. Socially, this is how local
          cultures were destroyed by colonizers when they came here. If you can,
          look for a book titled Cecil Rhodes by Williams B (1968) and see how
          Rhodes and the Pioneer Column went all out to destroy the cultural and
          beliefs and the religion of Africans and for what purpose. In that book, Leander Starr Jameson, Rhodes’ right hand man and the CEO of the poineer column says
          was the only way of ensuring their own dominance was to destroy all the beliefs and religions of the Africans, and to achieve this, they won people like Benard Mizeki. This is why Benard Mizeki was killed by his own people as they felt he had sold out their core existence by being used to destroy African beliefs. So, yes, sanctions were there during Smith, and they did not fully work, although they later did, but that was a slap on a fellow whiteman misbehaving. You can not compare that with what we have gone through as Zimbabweans especially after having touched on land and empowerment. Yes, get me right grandson, YES we have had our own weaknesses, but that does not mean we should condemn ourselves totally and think that only the whiteman or any of Ian Smith’s descendants can save us from the demise we are in. WE wil pull ourselves up and enjoy. Thanks Bvunzai.

    • munhu mutapa

      That’s stupidity at its worst.Change which is needed is to educate folks like you that prostitution is no easy way out of poverty.The land belongs to Zimbabweans and only Zimbabweans will make their land be productive not second class citizens who still want to keep ties with were their ancestors came from.The problem right now is the continued use of the US dollar instead of the readily available South African rand.The use of the rand is gonna boost our tourism industry and collapsed manufacturing industry which is finding it difficult to get on its feet because trading in US dollars makes our goods and services expensive compared to those from South Africa and China.

      • Brian

        Murungu better to run things FACT

    • DK

      Iwe you are stupid, Brian, very stupid. When the same silos were being filled up before 2000, did we have any white farmers in Musana, Chihota, Murehwa or Svosve? How come the same black rural farmers filled these silos? There are issues of policy to be corrected here if we are to make our farmers produce.

      If a country can import chickens from Brazil worth $70 million US dollars in one year, why can we not start by cutting by half that import bill and make sure the saved $35 million is given out as loans to our farmers? The same farmers have broken records in tobacco farming and this simply shows they are also human, they can not be forced to farm for the nation and fail to be paid a single cent by GMB. They have children, families to feed and lives to feed, mind you. If you so wish to see whites farming, please follow them to Zambia and be their labourer, makajaira ku*** nekumashure nevarungu muchipihwa beans nenyama yemhuru, only to be dumped after expiry.

      • Brian

        Wakara hope it was farmer Micllam who filled all silos in Centenary alone no black farmer had a chance.How can you compare susbsistant farming to commercial you idiot.

      • Progressive Zimbabwean

        Lets use language befitting educated and sane Africans. I know some views may be unpleasant but let us be tolerant. There are those who may be intellectually challenged but the mean well. There are those who may have seemingly radical views but they mean well. My problem is when brother gets on brother’s throat and ignores that ultimately they are stronger together. Brother is better off with brother alive. Back to the issue. I agree with you that we are very capable. In fact statistically after independence, Zimbabwe’s bread basket status was earned on the back of communal farmers’ productivity in the production of corn / maize. We have good soils and we have decent rains which need to be complemented with irrigation. Our problem has been our ineptitude when it comes to managing our resources. Some blame it entirely on sanctions, I do not entirely agree. We have had our fair share of bungling, enough to bring what Cde Nyerere once referred to as “the jewel of Africa”, down on its knees. Lets introspect and stop blaming every one for our own problems. Look at our bloated administration and the cars driven by ministers. Look at what we did to our key parastatals and companies such as Ziscosteel, SMM, CSC, NRZ and ZUPCO. We have Mugufuli of Tanzania to learn from but we are too scared to watch, learn and adopt!

        • Ngomalungundu

          Magufulish?

    • Progressive Zimbabwean

      I would rather say let us learn from progressive countries and people across the globe, white farmers included. I do not think giving back the farms to white people is the solution. Let us not see race in this whole thing and see Zimbabweans. This kind of language will get you the wrath of the likes of Cde. Muzvinavhu (Prof), who has extreme views on the effects of sanctions and the white man’s hands in all problems we have. I do not blame him for that. We went through a torrid past at the hands of our white brothers. They never liked us and some do not like us unto this day. I however, believe, and strongly so, that our problems lie in the way we have managed our affairs. I believe somewhere in our DNA lies that which can make us prosper. Our leadership needs to turn from the path it has chosen. There are many paths that lead to a better place, but we have chosen the thorny one in the vain hope that somehow a glimmer of success will appear on the horizon.

  • Hugo Diedericks

    Such progress such competence, such success …. Not!

  • ndozvo

    these guys put a cap on the amount that one can transact on POS and they go on to say use POS again. if u intend to transact 3000 and above then make an application to head office bla bla bla and what not. we are in big trouble.

  • Isac Hunt

    funny we blame sanctions and then we use the US$ as our main currency…..kkkkkk

  • Tendekayi.TE

    Here in Turkey POS transactions are FREE of charge and as such they are widely used. Imagine in Zim where you can be charged close to 2.00 for every transaction, you may need to budget a considerable amount for bank charges alone!!

  • chinos

    Its much cheaper to withdraw my whole salary and pay when i want than when i use the cards. I can be charged $2 for withdrawing $1,500 but when i use POS i can be charged 1% of the amount debited to my account. Plastic money should be cheaper and it can be used to buy in shops, buy fuel, and even pay school fees.

  • wesley

    Is this the positive news you were talking about, Cde Mashohwe?

  • garikayi

    Doctor so and so, doctor nhingi nhingi, Dr a country full of doctors, profs and masters of this and that…useless education. This time there is printing money so we are in a tight corner. Mint more bond coins, mari isina zita renyika printed on it. Fauilure. Where is the Chinese Yuan, Saudi Dina or Russian Rubble???

  • SimonPetere

    Noone will ever trust Zanu …xanu PF ever . Anyone suprised by this is not well in mind . The situation will get worse

  • SimonPetere

    Kkkkkkkkkk. Kanopenga kamudhara aka. Heya kanotozviziva

  • bonga

    The story hammers on the farmers that had no bank accounts and this now sounds as if they are the trouble causer. Are supermarkets banking money everyday? Are service stations banking money everyday? How about Asian businessmen in Zimbabwe, maIndiya, anotengesa kuDowntown muHarare, and the Chiense and Nigerian business tycoons selling toys and cheap electricals? The problem is our leaders are off the ground too much such that they do not even know what’s going on around them.

    • Progressive Zimbabwean

      @Moderator. Why are you deleting / censoring a lot of issues. We loose meaning. The identity of individuals or nationalities is important when we are discussing here. This platform had become popular as a result of the frank discussions that we were having. If we are open with one another we are likely to progressively move forward. Please Mr. moderator tone down your moderation.

      • theheraldonline

        Thanks for raising this Progressive Zimbabwean. We only delete unsubstantiated claims which can land our reputation into trouble. Some participants, maybe for the sake of it, are just after name-calling, using vulgar against other participants and making unsubstantiated claims against individuals. We advise participants to kindly refer to the terms and conditions of use found at the bottom of our sites.

        • Takawira

          If the same criteria were applied uniformly and impartially to all commentators there would be no objections. However certain contributors are seen to be privileged in using insults and allowed to calumniate opposition party names and individuals, typically called sellouts, traitors, stooges etc, whereas using the same language against certain Zanu-PF factions or members are frequently censored.

        • Concerned

          I don’t even know where to start yet I don’t even know where to end. At the end of the day its us ana shuro(POVO) who will suffer. As a people we are far from enjoying the common good because all we do indeed is name calling. Indeed like Paulo Friere puts it..we are experiencing the pedagogy of the oppressed. Emancipation of the mind is strongly needed like never before. The question remains, what have we done for ourselves as a nation to improve the common welfare of any other individual in the country? Theories=1, Ideas=1, Strategies=0..why? Not until that day we learn to walk the talk is when we shall rise again to be the bread basket of Africa. Do we now all of a sudden have to become like our former oppressors?? Answer is NO. The once oppressed becomes the oppressor yet before that opportunity the aforementioned was experiencing similar consequences. We will never succeed when we adopt the same tactics that our colonial masters used upon us as a general populace of pre-Zimbabwe. How can we indeed progress for the common good of all citizens concerned if we are at each other’s throat? As for me I have never liked politics and will never do. But remember that politics cannot drive the nation alone. We need a memorandum of understanding amongst ourselves and be true to ourselves 1st and foremost before we even begin looking outward(markert, society and economy=politics of interaction). The problem is that money is not circulating in the market at all. So how then do you expect economics to take its course?? Have you ever witnessed how showbiz or entertainers or musicians have flocked Zimbabwe of late?? The likes of Kansime, Luciano, Busy Signal, Capleton and so many more?? What do you think they are here for?? The hiked $US that is. They come and take money willy-nilly without people noticing that money is just leaving the country dry instead of it circulating. Our basic commodities are so much hiked that people see it far much better for them to cross the border so that they can access just a normal living. I will try by all means not to include economic and political issues because as people in general we shy away from those. I would rather have a different approach to the transport sector or even the local authorities in their revenue collection in case where I would see them making a fortune and thereby feeding the banks with cashflows on a daily basis. Rather we stand guard for something that was supposed to be used to generate income in the good name of freedom yet we are not free to use that same opportunity for the common good. Seemingly we have tried with little success to start from the bottom and all of a sudden reach out for the seventh step from the 1st step. A journey of a thousand miles begins with a single step.

  • Tsotso

    I am so happy how things have change of late. The Herald publishing “COUNTERPRODUCTIVE” comments like these?? Looks like the darkest hour is nearest dawn for real. I am smelling a VERY BIG DEAD RAT here. I want to say THANK YOU MR. EDITOR FOR OPENNING UP. I know those hard nut bosses are reading these thought provoking comments and advice. IGNORE IT AT YOUR OWN PERIL. Ndatenda hangu!

  • tichaona

    if kana ta disappears ma US$ munyika medu muno saka maZimbos takawoma.US$ is in abundance worldwide.They are billions and billions of US $ notes circulating in the world and l have never heard kuti ma US $ akushayika kanakuti ashomeka on the international market.Saka muno munyika medu maakushayika arikumboyenda kupi

  • Mutiro

    As Tsvangirai said a while back, you can####. All these things are just signs of a country that is slowly shutting down. I will not for a second say that land reform was a bad idea, but i think it was poorly executed at the onset and more than 15years after the government has failed to come up with a solution. They can sing about sanctions all they want but my question is since you have identified the problem why have you failed to come up with a solution?

    If we take a brief look into history, Smith’s apartheid government was under sanctions aswell but he was able to make it work. Instead we have a government that is only concerned with lining its pockets in such a brazen manner and what is even more worrying is that we still have people who believe the propaganda being pushed by zanu. People really need to wake up!!!!!!!!!!!!!!!!!!!

  • gaza

    you can rig the elections but not the economy. follow and apply simple economic principles, theories and models to make sound business decisions. zhuwawo handizivi kuti ainyatsoterera here lecturer vachitaura. kudzidza economics kuzoita mahumbwe nenyika. zimbos, lets wake up

  • Difficult Munetsi

    Matotanga kuunganidza mari dze campaign. Ko isu ve Ecocash mukati hatimuki mari kusisina iyesu?

  • why no cash?

    so how come we have had enough US dollar cash since 2009, whats changed in the past couple of months?

  • Takawira

    Continuous raids by Minister Patrick Chinamasa on liquidity provided by the Real Time Gross Settlement Systems (RTGS) to pay for recurrent expenditure, frequent foreign trips, wage salaries and bonuses, forced by Presidential promises and a bloated civil service Government has been ordered not to disturb, play an important part responsible for this sorry state of affairs. Former Finance Minister Biti’s advice to ‘Eat what you kill’ has been fully vindicated.

  • Cde Mzvinavhu(Prof)

    Have only read the reports and comments on them , not the actual papers. Send them to me please.

    • masvukupete

      Its simple maths (economics).

      Country good.
      Country enter war in DRC and get nothing out of it.
      Country give war vets loads of cash. War vets spend on cabbages for donkeys. Donkeys not able to sell for profit. Money down drain.
      Country Prints paper thinking its money. Country go broke.
      Country produces $100.00
      Country eats $200.00
      Country collects tax. Give all to soldiers, CIO who produce nothing.
      Country does this continuously for 36 years.
      Country has $100.00 multiplied by 36 deficiency equals $ 3’600.
      Country is broke.
      Country has habit of not paying back so no one lends it anymore.
      Country grabs from savings, pensions, etc.
      Country go even more broken.
      Country decides to take land from farmers.
      Land looses value so thereby balance sheet becomes zero.
      Country no idea of making things work.
      Country has many PHD doctors (some donated) and professors but no understand how economics work.
      Country in trouble and even more broken.
      Country hard to fix by people who not know how to make anything work.

  • Cde Mzvinavhu(Prof)

    No! Dont twist my position. I said more investigations are underway. It could turn out to be more or less. When foul play is suspected more investigations are done. Period.

  • chawaz

    its a good start to automate the transactions, as long the systems are reliable and straight. everthing has to start somewr…

  • Gamatox Mutasa

    Do you see how reckless statements and reckless policies do to the economy?Patrick Zhuwawo threatened to close all non compliant bankls by the 1st of April and this is the result of his thoughtless threat.Zupta did it in SA not so long ago and the JSE lost $500b in 2 days because clever people will simply take their money than invest in a bank where tomorrow they may never be able to withdraw it.Can someone tell President Mugabe and his nephew that what they are doing is hurting the economy and the poor will be the most to suffer.Vana Zhuwawo have enough money they can be reckless with their mouths.Zimbabwe does not need indeginisation/empowerment right now coz hapana chiripo.And my question is why do you want 51 % of someone’s business.Endaka unotanga business rako.Kana une mari yekuita bank why do you want knotora 51% yeStandard chartered.Zvvimwe zvinhu zvinopedza power.Saka vachiti common sense is not common