Source: Mangudya to provide insight on cash shortages | The Herald May 26, 2016
The Reserve Bank of Zimbabwe Governor Dr John Mangudya is expected to provide an insight on the current cash shortages currently bedevilling the economy at a business breakfast meeting to be held in Harare on May 31, 2016. The Central Bank chief will address delegates at the Archdiocese of Harare Social Communications’ first ever business breakfast meeting.Barclays Bank of Zimbabwe managing director George Guvamatanga will also headline the event among a team of high profile panellists and experts in the financial and economics field.
The purpose of the breakfast meeting is to give the business community a platform to discuss topical issues currently happening in the country.
“Today marks a great occasion in the history of the Roman Catholic Church Archdiocese of Harare Social Communications as we launch our first ever business breakfast meeting on May 31, 2016.
“The purpose of the breakfast meeting is to give the business community a platform to discuss topical issues happening in the country that are affecting them within the guidelines of the church doctrine and find a lasting solution to problems we face as a nation,” said Father Tendai Mashayamombe in a statement.
The breakfast meeting will run under the theme; “Is Zimbabwe better off without the US dollar? What is the current cash shortage telling us in relation to the new bond notes?”
COMMENTS
I always knew that Barclays bank Zimbabwe was a close friend of Zanu PF. It has always toed the ZanuPF monetary doctrines, and it does so even now – it limits the daily cash withdrawal to $200 instead of the $1000. Where I live the local branch does not dispense US$ through their ATM’s – sometimes only rand. It does not give foreign credit card holders any money. If you want cash, you have to bank with them and only then, once you are at the till, will you get your $200. They also played a significant partisan role in the Gono years.
Trying to explain away failure, always shifting blame. If one can solve problems, resign together with the whole lot mismanaging the countries. Leave it to those who understand global politics and able to create opportunities for citizens.
Do you know in
MARCH 2016 RBZ took from the Domestic Market US$ 1,9 billion dollars and gave the banks 12 year treasury bills in exchange
Do you REMEMBER the aero plane that mysteriously landed in Hre with lots of SAR? Now the Gov says if he has wicked way we will trade in RAND. Look it up on the Internet all ye who are afraid. Guess who is looting.
Is it my imagination?
Stories from The Herald appearing more frequently?
The people in the villages where bused some probably being told that the cash challenges we are having is due to opposition, going to harare is an opportunity for us to go and see who is causing all these problems. Now is Mangudya is going to explain the challenges, to the bankers and elite who are not affected by the problems, appropriate question will not be asked. Mangudya should go to Mbare and explain the issue to the people at musika and all informal traders. Then he will came back with real question. Why did not Mangudya address the marchers with these challenges, he would have done a great job, explaining to all provincial representatives.
The current so called cash storage in Zimbabwe has nothing to do with cash being smuggled out of the country, but the gross mismanagement of the Central Bank and Ministry of Finance. Facts are there are no competent financial minds running this sector. Just hand pick picked people from the top that stay loyal to policies that keep a few elite looting the country. Zimbabwe to be one of riches countries in resources in Southern Africa has a problem that goes deeper than international conspiracies of the West trying to have regine change to just plain incompetence at the highest levels for reasons of loyalty ton the ruling party. You have a Finance Minister who has drained most of the foreign Nostro Accounts in an attempt to pay the IMF so called arrears on interest payments in an attempt to beg for even more debt that will dig a deeper hole. A Central Bank Governor who is even note lost to make decisions so nothing happens there. And a list of in competent group that has been working at the Central bank for over 2 decades that bring no international financial background to the table. Same issues with all Ministry positions. Just recycled positions of thieves and incompetent people to keep pleasing the leadership with false hope things are changing with the are the only one that benefit while the average Zimbabwean continues to suffer. Other parties want you to believe they will do something different, but if they were in power they would only recycle their thieves. Zimbabwe really has an easier job of turning it’s economy around, but again you will continue to deal with incompetent corrupt people with their own agenda. Zimbabweans think more cash in the system will make thing better. Not try. So gathering so called great financial minds to lunches and workshops means nothing. Most weeks there are many workshops were you can find most Ministers wasting time getting allowances to be outside their offices by foreign countries. Because they know if you keep them distracted nothing will continue to change. Zimbabwe has become a country of buggers in the international community and a laughing stock of Africa after 36 years of independence. Being a bank owner and in the international financial markets for 25 years I myself laugh at most of the decision Zimbabwe makes. But for the most part to clear the so called debt Zimbabwe has is simple and at the same time rid themselves of the parasites. When you need real help. Never call your enemies. The laws of survival.