Reserve Bank of Zimbabwe Governor John Mangudya has urged Zimbabweans to stop queuing at banks to get cash saying that the government does not transfer any cash to the banks for the salaries of civil servants. Mangudya said that people should not expect to access cash at the banks as the government only transferred money using the Real Time Gross Settlement (RTGS) system.
Speaking at the Institute of Chartered Accountants of Zimbabwe (ICAZ) Winter School, Mangudya said:
Let’s have a digitalised cash economy, this is what they are doing in USA. Your mobile network operators should come up with products that you can present to the Ministry of Public Service, Labour and Social Welfare for use in paying civil servants and pensioners.
The Finance Minister deposits RTGS in banks and not cash but we have people queuing wanting to withdraw cash which was never deposited there in the first place. That’s a disconnect and if you don’t want to go digital or use plastic money, then go and queue at the bank but there is no need for that.
More: Sunday News
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The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe
John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya