‘RBZ importing $10m weekly’

Despite the vanishing of the United States dollar from the market and the cash shortages buffeting the country, the Reserve Bank of Zimbabwe (RBZ) says it is importing $10 million of the greenback weekly.

BY FIDELITY MHLANGA

John Mangudya
John Mangudya

RBZ governor, John Mangudya said the importation of the dollar was consistent with maintaining a dollarised economy.

“Yes, we import cash almost every week and we are now importing $10 million on a weekly basis. When we say we import cash we say we import dollars because we said we want to continue using the dollar in this economy,” he told NewsDay last week.

This comes after Mangudya said last week that cash deposits at banks and nostro holdings had increased by 50% to $450 million. He said $140 million in bond notes, $23 million in bond coins and an estimated $400 million to $600 million was circulating in the economy.

Mangudya bemoaned the inefficient money circulation, saying it was working against the growth of the economy.

“If there was an efficient circulating system, that fund is sufficient to oil the economy. But the money is not circulating as efficiently as we would require. This is because the economy requires us as a team to improve on discipline to ensure that as business and traders when we receive money we, bank it again. Then it becomes a cycle,” he said.

Mangudya said RBZ could not import large quantities, as this could affect the stability of foreign currency in nostro accounts, which is needed to fund the acquisition of the industry’s raw materials and fuel.

“We have been importing cash and my only concern, as I have been saying much of the time, is that we have competing requirements. The foreign currency, that is the nostro, is required by industry to import raw materials. The foreign currency in the nostro is required for fuel and electricity imports as well. So you need to make an economic choice to import cash to satisfy Zimbabweans or keep money in the nostro to fire the economy,” he said.

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13 Comments

  1. it is not true what Mangudya is saying.When they used to import usds we could see brand new crisp nots in circulation now this is not the case.if you find and usd in circulation it will be old ,dirty and crumpled.

    1. This Mangudya guy should explain where the money is going. I cant remember when i last saw the new $ notes

  2. hahhahaha this politician , thats a big lie mr governor

  3. If what he said was true why not pay the outstanding electricity account still outstanding in South Africa that Zesa hasn’t paid while the exchange rate on rand is quite good.Bulldust baffles brains .

  4. The $10 million is imported on the Monday, and by the next day, Tuesday, it has been looted and exported to Switzerland by the Mugabes, the Generals, the Ministers and the thieving fat cats of Harare.
    That’s why you don’t see any new notes, if any notes, at all. The only visible sign that the money came in is the brand new SUV’s on the roads in Harare by Wednesday.

  5. if I’m black and born in Zimbabwe I’m entitled to the benefit of the Land!! if I’m white and born in Zimbabwe I’m entitled to the benefit of the Land!! if I’m Indian and born in Zimbabwe I’m entitled to the benefit of the Land!! if I’m coloured or mixed race and born in Zimbabwe I’m entitled to the benefit of the Land!! if I’m Chinese and born in Zimbabwe I’m entitled to the benefit of the Land!! we are all Zimbabweans Please let us build this Nation into what it used to be the bread basket of Africa! please respect everyone like a Brothers and Sisters everyone needs to work together to build this nation!

  6. I bet the $10 million is immediately re-exported again.

    To Lord J I say ‘Some Zimbabweans are more equal than others”

  7. This does not make sense, how can money buy money. What they can do is only replace old notes and this can not be 10 million a week. These guys should have allowed the market to control itself. I bet you they are lying that they use money to buy money or important things. We may not be economists but we went to school. We are using foreign currency why do you need somone to say foreign currency should channelled to Zesa. Zesa get their USD they must use it to buy power. Companies that need raw materials get forex from selling their goods, they must use the forex to import raw materials. Are they saying bond notes are Zim dollars. THere is a lot of bullshitting here.

  8. lets stop buying the US$. lets start manufacturing for our local needs and exports then we are way ahead of the little limititing things. we are just lazy, where is the education we always talk about???……….nonsense!!!

  9. Mangundya is a thug.How can he lie plainly like this?Is he importing US$ or bond notes?/coz I don’t see any new US$.

  10. we are even far from bond notes surviving with bond coins,though they talk of millions whe bank que are getting long to 200metres..Doctor Mangudya fnd some other ways ather than injecting your bond notes

  11. previously when he pulled his $1,$2,and$5 bond notes,he told that if these notes fail to stabilize zimbabwe’ economy he leave from heading the central reserve bank #ngaabve_isu_taneta_nekunyeperwa

  12. if its true that he imports $10 million per week,i suggest he import that money in small denomination($1,$2 $5 and the largest being $10)because those who externalize money are after large denominations

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