Download Chinamasa’s statement on causes of cash shortages & long bank queues

Posted by Tayana

On April 6, 2017 Finance Minister Patrick Chinamasa presented a statement on cash shortages and queues at banks in the National Assembly.

In the statement Chinamasa threatened to withdraw trading licences for companies that are not banking their money in terms of the Banking Use Promotions Act. Said Chinamasa:

The Reserve Bank of Zimbabwe (RBZ), through its Financial Intelligence Unit, has been positioning people at traders to find out cash sales of that day and how much was banked. We are going to intensify those efforts and it will not stop us from passing a law that any businessperson who does not bank money will have his licence withdrawn. We have instances where on a daily basis $1,5 million is received, but only $35 000 is banked and if it is bond notes, they are hoarding them to buy foreign currency on the black market and they must stop because we are going to take stern measures to bring these saboteurs to book. We have observed that most traders operating in businesses reserved for locals like public transport, retail shops, hairdressing salons and others are abusing their operations in the reserved sectors by not banking, and we will cancel their licences.

You can download it HERE

Patrick ChinamasaBond NotesReserve Bank Of Zimbabwe

Patrick Anthony Chinamasa is a Zimbabwean politician and a member of the ruling Zanu-PF party. He is the current Minister of Finance and Economic Planning .He was reappointed to the ministry after President Emmerson Mnangagwa had appointed his cabinet in November 2017.Chinamasa is former Minister... Read More About Patrick Chinamasa

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

Read More About Reserve Bank Of Zimbabwe

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