’Cash crisis to end soon’

The cash crisis will soon be “a thing of the past” as various measures are being pursued to bring sanity within the banking sector, Vice President Constantino Chiwenga has said.

BY MTHANDAZO NYONI

In a speech read on his behalf by minister of State for Presidential Affairs and Monitoring, Implementation of Government Programmes, Simbarashe Mumbengegwi at the Zimbabwe National Chamber of Commerce (ZNCC) 2018 annual congress in Victoria Falls on Wednesday, Chiwenga said government was making “tremendous” efforts to address liquidity challenges.

“Various measures are already being pursued to bring sanity within the banking sector. In a matter of time, queues in banking halls will be a thing of the past,” Chiwenga said.

Zimbabwe is currently facing severe liquidity challenges which have seen companies grappling with millions of dollars in outstanding foreign payments. The cash crisis has seen depositors sleeping in bank queues to access cash.

This is not the first time that government has promised to deal with the cash crisis. In his inaugural speech, President Emmerson Mnangagwa promised to tackle head on the crisis. The situation has worsened with cash selling rife on the parallel market.

Chiwenga also urged industry to shun corruption and practice good corporate governance urging the business community to support the obtaining economic trajectory which is in sync with Mnangagwa’s vision of transforming the country into middle income country by the year 2030.

He said enterprise development was key to economic growth because business was a vital cog in the health of any economy as it boosts productivity, increases competition and innovation, creates employment and prosperity.

Chiwenga challenged businesses to take advantage of existing trade agreements under auspices of Sadc, Common Market for Eastern and Southern Africa and African Continental Free Trade Area.

He said government was working closely with the private sector on the command agriculture programme which has since been expanded to include soya beans, tobacco and livestock production in order to sustain growth of the agriculture sector.

16 Comments

  1. These are lies being said by Chiwenga, how many times has this been said and to no avail. People no longer trust Junta pf zvachose.

  2. Pie in the sky. To solve a problem one must first correctly identify its origins. ““Various measures are already being pursued to bring sanity within the banking sector.” Is it a problem of ‘sanity in the banking sector’, or one of (amongst other considerations) a government that continues to fail to live and spend within its means, given our markedly reduced productivity and export earnings after 2000?

    1. Strange, have they lined their pockets enough now?

  3. right now they are the ones in power, why are they not implementing the measures? instead of just telling us that you have already sourced $15bn, show us the $15bn in practice! Do you suppose if you are voted into power things will get better if you cant prove your worth now? Right now Mnangagwa is using Swiss private jets when we are in queues then you just tell us about various reforms!!!

    Continuation of where Mugabe left

  4. various measures being put in place….and you dont mention even one of those measures! kkkkk! lies!

  5. PROVIDED YOU GET RID OF MUGABE CONSTITUTION

    I LIVE IN AUSTRALIA

  6. Comment…Since Nov no new policies no new laws .Which means you are more clueless than Bob .Only words and Mou s which are useless

  7. We have heard of that rhetoric many many times now. Even the President said it when he alleged the British gave us $100m. We are nearing elections & we’re used to this kind of talk, but you don’t have my vote guys, very sorry

  8. Comment…It seems these guyz are worse than Bob since november not even 1 policy or law they have signed to show comittment .Just words and mou which are not abiding to anything .Lets vote them out

  9. This is too bad , I said it long back that this coup government will not put food on the table , they bark too much , why are they saying it , why can they not just put the money in the banks and talk afterwards , Chiwenga is very stupid and believes is stone age politics of lying to the electorate , they are suppose to implement what they are promising so thet the people can see that they are able to perform . Zimbabweans have come from a long journey of fake promises and we are sick and tied of these Zanoids lies .

  10. Listening to the news this week it seems they have only one measure to implement i.e. return of the Zim dollar which they can ‘ print as necessary’. I’ve heard Chiwenga and ED repeatedly say this on the news. So to vote for ED is to bring back the Zim dollar

  11. yeh true only if chamisa comes to power

  12. kid marongorongo

    why do we need cash when there is an alternative lets have a cashless country and put measures that ensures utmost good faith in doing business. ED has the capability to achieve this.

    1. Shameless CIO

    2. Think before you talk kana uri baba asingaitwe mukadzi ne mumwe murume nyika ipi ino rarama ne swip apa goods racho too expensive fungao

  13. This is the guy who was telling people in Mabvuku Tafara that they will be putting swipe machines in kombis. Now he tellls business people cash crisis will be fixed soon. Saka aitora vanhu vekuMabvuku semapenzika.

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