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Mnangagwa Says That Cash Is Being "Sponged" Out Of Zim, Urges People To Use Electronic Money

5 years agoMon, 11 Jun 2018 07:13:47 GMT
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Mnangagwa Says That Cash Is Being "Sponged" Out Of Zim, Urges People To Use Electronic Money

 

Speaking at the burial of national hero John Chimbandi, President Emmerson Mnangagwa urged Zimbabweans to continue using electronic money. Mnangagwa said that despite his administration’s efforts to solve the cash crisis by importing money from abroad, the money was being exported out of the country by unnamed syndicates. Said Mnangagwa,

I am aware that our people continue to face hardships linked to shortages of cash in the economy, all to back up and complement their buying power. My Government remains fully seized with the matter. We have to date released millions of United States dollars into the market for circulation to ease this problem, however, as soon as the money is injected into the system, it is ‘sponged’ out.  More creative ways of comprehensively tackling this problem, both in the short to medium term are being considered. Meanwhile, I encourage us to increase our usage of plastic money, in line with global trends.

More: Herald

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