RBZ: THERE’S TOO MUCH MONEY INSIDE ZIMBABWE: Mangudya Says There’s No Cash Crisis

RBZ: THERE’S TOO MUCH MONEY INSIDE ZIMBABWE: Mangudya Says There’s No Cash Crisis

RBZ: THERE’S TOO MUCH MONEY INSIDE ZIMBABWE: Mangudya Says There’s No Cash Crisis

Source: RBZ: THERE’S TOO MUCH MONEY INSIDE ZIMBABWE: Mangudya Says There’s No Cash Crisis | ZimEye

RBZ boss…John Mangudya

The Reserve Bank of Zimbabwe has announced saying there is no cash crisis in Zimbabwe.

Speaking at a Meikles Hotel covered by ZimEye.com during the day Friday, Mangudya said, “we have too much money in this country in the form of RTGs, that is what measures liquidity.

“Do not measure liquidity by the money you withdraw from the banks, that is cash withdrawals. Liquidity is money in the bank that is idle and can be used at any time, that money is there and that is money we want to use to produce goods.

“Let us use the RTGs in the banks to produce goods thereby earning more exports which in turn bring more the much needed foreign currency, which we already use, but we need more.The backbone of any economy in the world is money and the money comes from production.

“This is what we use when we measure our GDP (Gross Domestic Product), we ask ourselves what have we produced as a country.”

This is not the first time Mangudya has said this and in November Mangudya told ZimEye there is no cash crisis in Zimbabwe, and the only there is being caused by social media speculation.

COMMENTS

WORDPRESS: 2
  • comment-avatar
    JRR56 4 months

    Buffoon!!!!!!!!!!

  • comment-avatar
    tiki 4 months

    Well, if I cannot access cash to grind mealie meal and buy soap, sugar, cooking oil, that is a crisis. If grandfathers and mums are forced to learn to use mobile money despite being partially sighted that is a crisis to them. If I have to use mobile money to buy a sweet – if that is not a crisis – someone’s head and eyes are buried deep in the sand.