Download Chinamasa's statement on causes of cash shortages & long bank queues

6 years ago
Thu, 13 Apr 2017 11:06:47 GMT
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Download Chinamasa's statement on causes of cash shortages & long bank queues

On April 6, 2017 Finance Minister Patrick Chinamasa presented a statement on cash shortages and queues at banks in the National Assembly.

In the statement Chinamasa threatened to withdraw trading licences for companies that are not banking their money in terms of the Banking Use Promotions Act. Said Chinamasa:

The Reserve Bank of Zimbabwe (RBZ), through its Financial Intelligence Unit, has been positioning people at traders to find out cash sales of that day and how much was banked. We are going to intensify those efforts and it will not stop us from passing a law that any businessperson who does not bank money will have his licence withdrawn. We have instances where on a daily basis $1,5 million is received, but only $35 000 is banked and if it is bond notes, they are hoarding them to buy foreign currency on the black market and they must stop because we are going to take stern measures to bring these saboteurs to book. We have observed that most traders operating in businesses reserved for locals like public transport, retail shops, hairdressing salons and others are abusing their operations in the reserved sectors by not banking, and we will cancel their licences.

You can download it HERE

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