ZANU PF On Cash Crisis

ZANU PF On Cash Crisis
Published: 2016 June 09 08:11:37 (1483 Views)

THE Zanu PF led government is reportedly working on a raft of measures to address the cash crisis and restore market confidence, with the introduction of cash withdrawal limits and the increased use of plastic money among the cocktail of measures, a State-controlled paper has claimed. 


These measures are reportedly expected to catalyse the implementation of the economic blueprint, Zim-Asset which seeks to transform the country’s economic fortunes by 2018.


It is hoped that once the measures are implemented, the cash crisis will soon be under control.

Addressing journalists after the Zanu-PF Politburo meeting in Harare yesterday, the party’s secretary for information and publicity, Simon Khaya Moyo, said the measures were aimed at restoring market confidence.


He said Finance and Economic Development Minister Patrick Chinamasa, who is also the party’s secretary for legal affairs, had given a comprehensive report on measures being implemented by the government to address the issue of cash shortages.


Khaya Moyo said Chinamasa also briefed the Politburo on progress made on re-engagement efforts with the multi-lateral lending institutions.


“The secretary for legal affairs, Patrick Chinamasa, in his capacity as the Minister of Finance and Economic Development, updated the Politburo on the implementation of Zim-Asset with emphasis on measures to address the cash crisis,” said Khaya Moyo.


“These include use of plastic money, charges and fees on the of point of sale machines, Real Time Gross Settlement and mobile banking platforms, cash withdrawal limits, export bonus scheme and enhanced interbank market foreign exchange management.


“He (Chinamasa) gave a very clear detail on this but I’m sure you will be hearing more from the Reserve Bank of Zimbabwe on these matters. He has already addressed them but certainly the situation will soon be under control.


“The aim of course, of this brief by the Minister of Finance, is to restore market confidence. The Reserve Bank governor has been having meetings with key stakeholders on this matter.”



- Chronicle
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