Liquidity crisis:Don’t keep money home like Asians- Sikhanyiso

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ZANU PF politburo member Sikhanyiso Ndlovu has said Zimbabweans should not keep money at home like Asians and urged people to bank their money to help ease the country’s liquidity crunch.

NQOBANI NDLOVU
STAFF REPORTER

Ndlovu said people should desist from money-laundering as it was a ruinous practice which had knock-on effects on any economy.

“We should all cultivate a practice of banking our money. We should use our banks and avoid keeping money at home as that is a bad practice with huge effects on the economy,” Ndlovu said at the Bulawayo Press Club on Saturday.

“We should bank our money to avoid the liquidity crunch that we are currently facing as a nation.

“We should not be like some of our friends from the Indian community who do not use banks, but prefer to keep their monies at home. You will never see an Indian queuing to bank money,” he said.

Ndlovu’s call for people to bank money comes at a time when the country was facing a serious liquidity crunch that has forced some companies to shut down, downsize or retrench in order to stay afloat.

Analysts indicated that the economy and the banking sector, which was reeling from the liquidity crunch and systemic vulnerabilities, needed a massive cash injection to avoid a full-blown crisis.

The analysts also pointed out that the country could wade out of the liquidity crunch by attracting foreign direct investment, boosting exports and creating confidence in the banking sector to attract depositors.

In March, the African Export-Import Bank announced a $100 million loan to Zimbabwe’s banking sector to ease a credit crunch that had deepened the country’s economic woes.
At the same time, the Reserve Bank of Zimbabwe added four currencies — the Chinese yuan, the Indian rupee, the Australian dollar and the Japanese yen — to the existing basket, which already included five others, to try and ease the cash crunch.

37 COMMENTS

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  2. Ndlovu shud go bck n tell ur counterparts to improvise policies that boost confidence in banking. Vana kingdom ngavatange vatipa mari dzedu dzavakadya when we changd to the multi currency system. Without that we wl alwz trust our mattresses for the safe keeping of our money.

  3. We all want to take our money to the bank, but in the bank the money gets less and less. Cde Ndhlovu should tell us how individuals benefit from banking their money, besides funding the banks. Money is hard to come by these days, and if I bank $1000 and then be told on withdrawal that it has reduced to $970, next time I will keep it under the pillow. At home, my money doesn’t earn interest, but it doesn’t get less either.

    • I second you on that,you bank money today wen you go tomorrow they’ll tell you kuti there’s no money,so why should I put my money there ini ndisingazoiwana wen I need it back?

  4. Tell banks not to abuse our deposits. yes you pit 100 and next time there is 80 usd so why should I bank. Tell also your fellow chefs we hear someone’s son had 20000 usd in the boot.

    • Kkkkkkkkkk. 20k in da boot?? Ndakamboona headline yaiti boss vakabirwa 700k namaid. Will need real grace to get Zim back on its old self again.

  5. Yesterday Ndlovu was having a go at his colleagues in ZPF for corruption & today its the local Asian community so who is next? All of a sudden he has a lot to say!

  6. Minister, Asians dont queue in the bank coz they have people to do it for them we all put money in the bank how will we pay for our bills go into the queue again, maybe you are a bank manager thats why you know indians dont bank their money.

  7. who benefits a bank or a depositor.ndakaroverwa 60dolas pa 2 months ndakabva ndasiyana nazvo.ikozvino ndakajoina club yandinobadara masubsprictions evry month kana ukakwereta semember i 10per cent interest uye mainterests acho munozo share kupera kwegore nemamontly subsprictions

  8. Talking nonsense this idiot Sikhanyiso Ndhlovu. Everyone knows what will happen when you put your money in Zimbabwean banks – the government will steal the deposits to fund Mugabe’s frequent trips to Singapore and pay the bone idle so-called war veterans! To hell with liquidity – I will keep my money where this predatory regime will not find it.
    The one place where you shouldn’t put your money in is a Zimbabwean bank because you will not get it back.

  9. Banks are taking money from us through their crazy charges and are refusing to give us loans. Only one party is benefiting here. So why should we bank seriously? At least if they offered some interest on our deposits that would be better. Manje they are just taking taking taking from us.

  10. I grew up uchiti ukaisa mari mubank unowana intrest but zvakazongo chinja sure ndingatomira mu que kuti ndi bank mari @ the end ichitopera nema charges ndinenge ndakutorwara yangu ndinoisa mugaba

  11. Before Sikhanyiso Ndlovu opens that mouth of his we Zimbabweans should audit him and find what he owns and what he drives and if he can afford this on his salaries. Greed is killing Zimbabwean. All politicians should be audited we have the right as Zimbabweans to ask for it. The problem with these people is that they actually think they own this country but they are working for us the population. You just a worker for us. We demand you be audited

  12. Please leave Indians (or anyone else!) alone to do whatever they want with THEIR money! Besides, who, apart from Indians, has boreholes running 24 hrs a day, with outlets for anybody to collect water? All the so-called patriotic Zimbos, including those that bank their money, never think of their compatriots and also never want to see anyone near the properties!! Kudos to ALL Indians, please keep it up! Don’t listen to burly politicians who only dream of controversial statements simply to appear in papers to remain relevant (or should I say IRRELEVANT!!). Shut up and go to your unearned farm and eat some PIG! Leave OUR Indians alone! How many Mupedzanhamo’s bank their money, and how many of them are Indians????!!!!

  13. Day dreamer Sikhanyiso banking haichadyise these days. all you need is to ask or do a research and see what Zimbos are doing not to waffle your high sounding nothings this day and age.

  14. kutochemera mari dzekuti mube this tym kwete,hapana hapana.isai imi dzenyu mambavha ezanu muzvibire.isu tachenjera zvino.CHIMBWANANA HACHISVINURE NEZUVA RIMWE bt chinozoona afta smdays.isu takasvinura takuona.puuuuuuuuuuu hatiiseeee mari yedu kubank futi,imi matsotsi muripo

  15. please leave us alone,ukaregera mari yako ikarara mu bank, mangwana unomuka yapera chii ichocho nxiiiiiiii. yatorwa neyi husiku. chii chinenge chaitika husiku hwacho nhai kusvika mari yatorwa and they can’t explain haaaaa . zvinhu zvisina explanation imiweeeee zvinonetsa , kubirwa pachena. so down with banks. lets leave them.

    i once asked the manager why my monies were less over night night but he could not explain, haaaa.

  16. Zimbabweans are an educated lot and they do not need the likes of Ndlovu telling them what to do with their hard earned money. If they are not banking it, it means something is wrong in the banking system and needs to be rectified. It is the duty of the ministers like him to look into it and put in place policies that will attract people to use banks, for his own information- bank charges are just too high in regional comparisons and it is not everyday simple people like me that will get a loan from a bank but fat cats like him.

  17. The head of Sikanyiso Ndlovu , just like those of his fellow ZANU cadres , is not correct. He should be taken to Ingutsheni Mental Asylum or Hlanyeni , locked up there permanently and the key to his ICU Mental Disturbance ward tossed into the crocodile infested Zambezi River .

  18. i hate queuing. Banks should improve. We bank our money the, they use it to invest, loans etc charging us interest again? Why banks should benefit from borrower and borrowee? Why should we bank money that we will then struggle to get it back?

  19. ini ndirimukorokoza ndakamboedza kuti ndivhurewo acount ndigoisawo mari mubank . zvikanzi toda proof of resdent , ndoiwana kup ini ndogara musango asi mari yose tisu tinayo musango imomo . imwe totoita zvekuisa mumugodhi . fut munobvunza zvakawanda kana tatakura mari yacho taiwana kupi ko handi tinenge tachera gold

  20. Sikanyiso Ndlovu is talking nonsense. There are two classes of Asian businesses ones in wholesaling or manufacturing ,both are becoming virtually extinct like Bhadellas in Mutare who were forced to close shop recently after 8 decades. Bhadellas could like other Asian businesses cannot compete with vendors who sell their wares in front of their doors. They do not pay import taxes and other taxes plus overheads so how can you even compete with them. The vendors are an organized group who now have the money and do not bank. How can they when they operate on small margins etc. The small Asian businesses are struggling to make a living if they make a few dollars just to pay certain overheads etc they are left with nothing. So what money is this idiotic politician talking about.

  21. the problem is people don’t trust the Government. zimbabweans suffered much due to sudden policy changes by the government. ko ikanzi yamaZim dollar unodii. mari mupiro kana padako guys unonyura

  22. It is noble businesswise to work through a central bank, which then feeds other banks of cash, the fact that we are using the US dollars that is in short supply makes everybody nervous. The banks have to come up with serious incentives for that to happen, banking operations have to be reviewed to remove the like pole effect thats prevailing between banks and business. Deposited money is soon taken out for fear of the unknown. Banking is essential for checks and balances, tax is easily followed up through banking for a sound tax revenue base. The fact that money is kept at home clearly shows that most business is done privately and taxes are not submitted as government revenue is tax money. The government needs to set up an alert team that checks all businesses registered or unregistered for tax collection. The exercise must be carried out without corrupt tendencies for the civil service to function more efficiently. The country cannot be driven nemadeals but fair business practises. People must be educated on paying tax and what it means to pay tax. It is not safe to carry large amounts of cash hence the rtgs , cash under a pillow will not bring good dreams but nightmares of losing it.Taking money to the bank means directing a spotlight on your business and its submission of tax for most people, hence the pillow banking.

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