Mnangagwa speaks on cash crisis

Source: Mnangagwa speaks on cash crisis – DailyNews Live

Blessings Mashaya      31 March 2017

HARARE – Vice President Emmerson Mnangagwa has said banks should dispense
money to depositors in time, as government struggles to curb a cash crunch
that has forced people to spend hours on end at banks queuing for money.

Responding a question in Parliament on Wednesday by Mufakose MDC MP
Paurina Mpariwa on what government was doing to stop the waste of
productive time by workers as they wait in queues hours on end to access
their cash, Mnangagwa asked the opposition legislator to put the question
in writing so that Finance minister Patrick Chinamasa would go and check
the details in consultation with the Reserve Bank governor John Mangudya
“and the question can then be answered”.

“The honourable member is a former minister and she is aware that you
cannot tell that Treasury has so much funds or nothing.

“It is also government policy that when people have worked, they should be
paid. When they go to the banks to get their salaries, they should get
their money on time.

“When there is no money, we then need to question the banks and the
Reserve Bank of Zimbabwe (RBZ).  That is why I have asked the member to
put the question in writing,” Mnangagwa said.

In a supplementary question, Warren Park MDC MP Elias Mudzuri asked the VP
what plans government has in re-introducing the US dollars.

Mnangagwa said if an individual has an account with US dollars or rands
and if that person wants to go out of the country – “the policy which is
in existence is that

when you are travelling outside the country, the amount which you can
carry is stipulated, especially if it is an amount which is in the bank”.

“We also look at what it is that you want to buy outside the country. That
does not depend on the amount you have but on the amount which is in the
Treasury to facilitate the importation of goods,” he said.

” . . . there a limit that is set aside that if you are going outside the
country and you want cash, the amount should be about $1 000, but I am not
very sure about the exact amount.

“All I know is that there is a set limit which one can withdraw for going
outside the country.

“If you go to a bank and tell them that you want bond notes, they are
available in the banks.

“I am talking of the money which is in your account. You cannot access
someone’s account.

“What I am explaining is that you access the amount which is in your
account.”

He said this also relates to the foreign currency in US dollars “and that
is why I advised you to write the question down, and the responsible
minister of Finance will give the correct response to that.”

Government started circulating a $5 bond note last month after introducing
a $2 note and $1 coin last November to ease the cash shortages.

It was hoped the bond note currency will continue trading at par with the
US dollar, but it is losing value.

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