Cash crisis needs urgent attention

Source: Cash crisis needs urgent attention – Sunday News June 5, 2016

IT is easy to watch a problem getting worse and that seems to be exactly what is happening with regards to the cash challenges that the country is facing. The Reserve Bank of Zimbabwe first announced that it will introduce bond notes this month but has now shifted the dates to October. There have been debates over the bond notes but the problem is that it remains true that the country needs proper and firm guidelines on the cash problems.

This business of workers and company directors queuing the whole day to get money not enough to sustain some of the petty operations is not doing good to restore confidence to investors. Responsible authorities must quickly and affirmatively come with a solution.

Meanwhile, on the Zimbabwe Stock Exchange, the Industrial index closed the week on Friday unchanged at 104.30 points. Gains were recorded in Old Mutual and Meikles which rose $0,0101 and $0,0003 to close at $2,2351 and $0,078 respectively.

Delta, Econet, Simbisa, PPC, Hippo, Dairibord and Starafrica traded unchanged at $0,7000, $0,2300, $0,1400, $0,6500, $0,2000, $0,0550 and $0,0085 respectively.

Willdale was the only faller, down $0,0003 to close at $0,0015. Week on week the Industrial Index shed 0.13 points (0,12 percent). The Mining index gained 0.23 points (+0,90 percent) to 25.77 points as RioZim rose $0,0030 to close at $0,1640.

Bindura, Falgold and Hwange maintained previous price levels at $0,0120, $0,0050 and $0,0300 respectively. Week on week the Mining Index gained 0.23 points (0,90 percent).

COMMENTS

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    ntaba 6 years ago

    Zanu will fix it all up. Zanu has an extremely high genius concentration in its midst and the Bond Notes will be an excellent manner to pay their inner circle of gurus for their exceptional talent. The plan is to get the US$ from the povo – so that Zanu can externalize the US$ into their Singapore accounts.