Saturday, 28 May 2016

PANIC WITHDRAWALS HIT BANKS

Reserve Bank of Zimbabwe Governor Dr John Mangudya has urged Zimbabweans not to make unnecessarily large cash withdrawals as the multi-currency system is here to stay.


In a statement, Dr Mangudya said it has to come to the attention of the RBZ that there are unscrupulous people that are peddling rumours about the return of the Zimbabwe dollar, adding that such rumours are baseless.

Dr Mangudya said the country's current economic fundamentals do not support the return to the Zimbabwe dollar.

He said the public should not confuse the export incentive or bonus scheme to be paid to exporters in the form of export vouchers called bond note as a return to the local currency.

He added that payment of this bonus to exporters is very necessary to sustain and safeguard the multi-currency system in Zimbabwe.

The export vouchers are expected to be disbursed in October 2016.

Dr Mangudya said the large withdrawals witnessed over the past two days are unwarranted and the market should remain calm and conduct business as normal.

He said the central bank has imported sufficient cash to meet normal requirements for the banking public, adding that the huge withdrawals are counter-productive to the bank's cash importation programme.

Dr Mangudya also appealed to all businesses to bank their cash takings in line with the Bank Use Promotion Act to avoid incidences of money laundering and bleeding the multi-currency system.

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