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Zvamaida Murwira Senior Reporter

Bankers have called for the economy to minimise the use of cash in the wake of acute cash shortages while also calling for the enforcement of Bank Use Promotion Act that compels businesses to deposit cash at the end of a trading day.

BAZ chief economist Ms Dephine Mazambani said this while giving oral evidence before Parliament’s Portfolio committee on Budget and Finance chaired by Chikomba Central Legislator Cde Fellex Mhona this afternoon.

BAZ chief economist Ms Dephine Mazambani

Bankers also called for a level playing field between them and mobile money transfers. Mrs Mazambani said while bankers and mobile money transfers provide similar services of a platform of cash movement, their regulatory terrain was different. She said mobile money transfers were regulated by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) while bankers fell under the central bank.

Zimbabwe National Chamber of Commerce chief executive Mr Chris Mugaga said the economy was re-dollarising despite spirited denials by the central bank. He said evidence on the ground showed that the economy was indeed re-dollarising.

Chris Mugaga

Mr Mugaga said business was being affected by what he called political noise in the country. He said the impression created when one goes out of the country was that there was no peace in the country.

ZNCC has also expressed concern on the disparities between subsidised prices and market prices which they said was too high and open to arbitrage.

They said another concern was that despite there being subsidies, the products and services were not there particularly, maize meal and transport.