Senators worried by govt’s failure to address cash crisis

MDC Alliance senators have expressed disquiet over governments’ failure to find a lasting solution to the cash crisis, adding the situation has turned many into paupers as the bond note has significantly depreciated in value.

BY NQOBANI NDLOVU

The bond notes introduced in 2016 have failed to end the cash shortages. They have also taken a heavy fall against major currencies, sending prices of basics and other services skyrocketing beyond reach.

Contributing to a motion on the cash situation in the country last week, senators were unanimous that the never-ending cash crisis – further compounded by the loss of value of the bond note was untenable and had turned many people into paupers.

“It pains me as a senator to get a salary of $1 300 yet I cannot get the money from the banks. When I try to change it into United States dollars, I got only US$350 yet the minister can still say the bond note is equal to the United States dollar at a ratio of 1:1. This is impossible,” said Senator Lillian Timveos.

“It is time for government to really think because we cannot carry on and lie to the people of Zimbabwe to say a US dollar is equal to a bond note and it is one to one – it is not and it will never be until we decide that we now want to work… this issue is not a joke…”

Senator Voice Chinake weighed in, suggesting that maybe it was time a local currency was introduced to stem the crisis.

“I request that this issue be rectified; we are representatives of people who send us to present their grievances. We wish our government could heed to our calls and do something concerning this issue so that we can have our own currency that we work with here rather than continue to beg money from others,” said Chinake.

Government has hinted on the need for a local currency, but maintains that the multi-currency system is still in place.

“Without money, Zimbabwe cannot go anywhere despite being a rich country. We are experiencing a cash crisis because there are some cash barons who are stashing the money away and using it for their own selfish gains.

“I do not know how the money in Zimbabwe is only found on the roads and where it is coming from remains a mystery,” argued Senator Esnath Rwambiwa.

3 Comments

  1. Last year in November someone promised that his first task was to solve the cash crisis as a matter of urgency. first 100 days dzakapera, then came the second and now we are in the third 100 days and nothing has changed.Funny how it has now been forgotten.

  2. Comment…Maybe elisha and his fellow EDiots have a solution. How can a 75 year old Ediot who needs a walking stick hit the ground running? He promised a lot things with cash crisis being on top on his inaugaration but things have worsened and we yearn for life under RGM. Pasi nejunta

  3. I AM APPALLED BY THE CALIBRE OF ZIMBABWEAN LEGISLATORS AND INTELLECTUALS, THE PROBLEM OF LOSS OF VALUE OR DEPRECIATION OF OUR CURRENCY WILL CONTINUE EVEN IF THE GOVERNMENT INTRODUCED THE ZIMBABWEAN DOLLAR.AS LONG AS OUR EXPORT S ARE NOT EXCEEDING OUR IMPORTS WE EXPERIENCE A TRADE DEFICIT AND OUR INABILITY TO FIND BRIDGING FINANCE,THE SITUATION IS BOUND TO PERSIST.ZIMBABWE NEEDS TO EXPORT BIG TIME AND OR START UTILISING IT’S LAND PRODUCTIVELY TO REDUCE THE IMPORTATION OF SOYA BEANS FLOUR CITRUS FRUITS ONIONS CLOTHES A LOT OF THINGS WE CAN MANUFACTURE.FORGET ABOUT MUTHULI EVA THEATRICS THAT THEY WILL GET CONSUMPTIVE FOREX FOR EVERYONE IT’S UNTENABLE IN MID TO LONG TERM WILL ON INCREASE FOREIGN DEBT STOCK AND FURTHER ERODE VALUE OF WHATEVER LOCAL CURRENCY.SO TO YOU MPs START INTRODUCING BILL ON GIVING THOSE FARMERS TITLE DEEDS SO THAT BANKS CAN SECURE CREDIT LINES AND BRING VALUE TO LAND AND THE SYSTEM CAN RECYCLE ITSELF BY FORCING INCOMPETENT FARMERS OUT AND BETTER ONE IN AND FDI WILL FLOW OTHER INDUSTRIES WILL SPRING TO SUPPORT AGRICULTURE AND HOPEFULLY THE MPS 1300 WILL BE WORTH A LOT MORE GREENBACKS THAN IS THE CASE NOW.

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