RBZ imports $15m worth of cash

THE Reserve Bank of Zimbabwe (RBZ) has imported $15 million worth of cash, which will be in the banking system today as it moves to halt the cash shortages plaguing the banking sector.

BY BUSINESS REPORTER

Long queues at CABS Jason Moyo  Avenue branch
Long queues at CABS Jason Moyo Avenue branch

This came as depositors have been struggling to withdraw money from banks amid reports that the strengthening of the United States dollar against major currencies has spawned cash externalisation since the dollar was used as a reserve currency.

“We are bringing in $15 million worth of cash,” RBZ governor John Mangudya told newspaper editors on Friday.
The demand for cash has seen depositors spending more time in bank queues, with some banks placing caps on withdrawals.

Last week, Mangudya introduced a raft of measures that include placing a cap of $1 000 on withdrawals a day and advocating the use of plastic money and other currencies in the multicurrency basket to reduce pressure on the demand for the dollar.

Statistics from RBZ showed the currency utilisation levels of the US$ had increased to the current 95% from 49% in 2009. This has increased the demand for the US$ as other currencies in the basket were elbowed out.

The currency utilisation levels for the rand declined to the current 5% from 49% in 2009. Mangudya said there was need to restore the fundamental principles of the multicurrency system through increasing the availability and usage of other currencies within the multicurrency basket.

The multicurrency regime was introduced in 2009 to stem hyperinflation, which had spiralled to over 500 million percent making the local currency worthless. The Zimbabwean dollar was officially retired last year. At inception, the multicurrency basket had the United States dollar, South African rand, Botswana pula, British pound and the euro. Four other currencies — the Indian rupee, Australian dollar, Japanese Yen and Chinese yuan — were added to the basket in 2009. Despite an avalanche of currencies in the basket, cash shortages have hamstrung the market.

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9 Comments

  1. Spitting in the wind!

  2. Can they also explain the cost of importing the cash? This is never done for free!!!

  3. Bond Notes will eliminate the queues.

    US$1.00 = US$1.00 Bond note. One or the other will get you a loaf of bread that costs $1

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  5. Mangudya know very well that his bond coins wiped off the cash from the banking system. This is very unfortunate, when the the once respected office of a governor is turned into a ZANU PF functionary. The ZANU PF thugs have consistently smeared respected offices and reduced them to meeting points of thugs, where they plan to short change the hard working people of Zimbabwe. Where on earth does withdrawing your own cash cause a cash crisis. The cash crisis means someone has been allowed to withdraw what he or she does not have. We know that ZANU PF thugs have been allowed to do so and when the banks have run out of cash you start talking of rubbish and all sorts of thuggery machinations, including targeting the innocent for investigations, when you all know that the investigators are the culprits. Time will tell.

  6. yanga imboripi 15minga yacho mamakaitinya maona kuty mabond taaramba makuidzosera

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  8. mgobhozi wezintabeni

    It’s high time the powers that be, climbed down and accepted responsibility and tell the nation that they have failed dismally to deliver.Before the 2013 general elections, they told the nation that the GNU was hindering progress and it was an animal that needed to be dispensed with.Now the problems that plagued our nation in 2008 are once more with us, they are to worsen after the introduction of bond notes in June, and predictably, the shortage of basic commodities are to set in and even worsen.The announcement by the RBZ Governor worsened the cash crisis,obviously who can bank money when there are glaring chances that it is likely to melt in the banks having been eaten by bond currency.Little confidence that remained with the national financial institutions have sunk to all time low. Regrettably, it would take some time before it is restored to its previous levels.

  9. By the end of the month most of this money will have been exported by your friends from the Easter. The rest will be used to export ex-Jap vehicles and we will go back to square one. Luna Park Chaiyo

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