Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has insisted that there is no cash crisis in Zimbabwe.
Mangudya blames Zimbabweans for not banking cash which he says has resulted in cash shortages. Said Mangudya:
People should understand that there is no cash crisis in the country. The real problem that we have is poor circulation of cash. People have a tendency of wanting to hoard physical money and not bank it, which leads to the long queues in banks, because most of the money in the economy is not circulating. Whatever money that people get their hands on, they want to keep. There is more money being withdrawn than being deposited. That is where the problem is. People should have a banking culture if our cash situation is to normalise.
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