"There is no cash crisis in Zim": Mangudya

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 There is more money being withdrawn than being deposited.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.

More: Chronicle

 

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