Mangudya Promises "Minimised" Bank Queues Within 2 Months5 years ago
Reserve Bank of Zimbabwe Governor Dr. John Mangudya told The Sunday Mail that Zimbabwe imported US $400 Million in the 4 months of 2018. According to Mangudya, this is supposed to reduce the bank queues significantly.
“What I want to promise the nation is that within the next two months, the queues are going to be minimised. Starting from the end of this month, we should see increased supply of cash on the market as we get more money from tobacco, gold exports as well as increased supply from our lines of credit. We have imported cash amounting to about $400 million from January to last week, which is January to the end of April. This is higher than what we did last year at around the same time.”
The Sunday also said that the RBZ will also draw (an unnamed figure) from the $1,5 billion Afreximbank loan facility. Despite its efforts in the past two years, the government has so far failed to end the queues of people waiting to withdraw cash from their accounts. Electronic transactions have however increased to 96% of all transactions in Zimbabwe, the RBZ claims.