New notes to ease cash shortages: ED

Source: New notes to ease cash shortages: ED | Sunday News (local news)

Tendai Mugabe in Chiredzi

THE new bank notes and coins that are set to be introduced on the market tomorrow are expected to ease cash shortages and save the transacting public from being charged extortionate premiums by mobile money operators when getting hard cash, President Mnangagwa has said.

Further, the President said there is no going back on the ban of the multi-currency system.

He said no country can develop without its own currency. The Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces made these remarks at his first anti-sanctions rally at Tshovani Stadium here yesterday. 

The rally follows the Sadc initiated anti-sanctions fight that saw the region resolving to set aside 25 October as a day to send a message to the United States that the embargo is no longer necessary.

Said President Mnangagwa at the highly subscribed rally: “Right now people are being pained by the ever increasing prices in shops, it is because we are in a transition. We are transitioning from the low levels and we need to resuscitate our economy. We have no choice but to resuscitate our economy. In that process, we have some people who want to take advantage to profiteer.

“You were not getting money from the banks, but on Monday (tomorrow) we are going to inject more money in the banks until we reach a level where you lose appetite to go and get cash from EcoCash.

“You will simply go to the bank if you have money in your account and withdraw it to buy what you want. Right now, we are told that if you want $100 bond you should transfer $150 into an agent’s account.

“You are losing the other $50 for nothing. This is because there are cash shortages in the banks. We are now injecting money in the banks to correct that.”

President Mnangagwa said Zimbabwe adopted the multi-currency system after its currency had been eroded by illegal sanctions.

He said although there were many currencies in the multi-currency basket, the US dollar turned out to be the dominant currency in most transactions. President Mnangagwa said while the US dollar stabilised the economy, it was not Zimbabwe’s currency, hence the need to revert to the local currency to ensure sustainable development.

Turning to road development, President Mnangagwa said Government is refurbishing roads in all districts.

With regards to devolution, President Mnangagwa said: “We are disbursing money to the rural areas and you will be chaired by your Provincial Minister of State on which projects to undertake in each and every district. 

“In the past, decisions on which projects to undertake in Masvingo would be made in Harare. We have changed that to ensure that the people of every province decide on the projects they want done, we then give you the money. 

“There are national issues like roads and bridges, I am told a bridge called Chilonga needs to be refurbished. I am going to tell the Minister of Transport and Infrastructural Development (Engineer Joel Biggie Matiza) to attend to that urgently. If he fails to do that, he will be in trouble.”

The rally was attended by several Zanu-PF Politburo members, Zanu-PF members and people from all walks of life.


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    I get the impression this lot are just kicking the tin down the road so they can get back into power and grand fiddle some more.