News:Bankers urge government to adopt rand
<vote /> Representatives of the Bankers Association of Zimbabwe and the Confederation of Zimbabwe Industries yesterday urged the Parliamentary Portfolio Committee on Finance and Development to adopt the South African rand as a measure to address the cash challenges the country is facing.
Bankers Association of Zimbabwe president, Dr Charity Jinya said that,
"It is recommended that the South African rand be used as the major transacting currency. This reduces concentration of risk associated with heavy reliance on the US dollar transactions. In 2015, Zimbabwe lost $1,8 billion to externalisation. Its is further recommended the US dollar e reserved to make offshore payments and electronic payments only"
Bankers are also of the view that measures should be introduced to formalise the informal sector. Dr Jinya said that,
"The circulation of bond notes alongside the South African rand will force informal sector participants to open bank accounts. This will result in an increase in deposits in the formal banking sector."
Same story in The Financial Gazette
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