Mnangagwa Says That Cash Is Being “Sponged” Out Of Zim, Urges People To Use Electronic Money

 

Speaking at the burial of national hero John Chimbandi, President Emmerson Mnangagwa urged Zimbabweans to continue using electronic money. Mnangagwa said that despite his administration’s efforts to solve the cash crisis by importing money from abroad, the money was being exported out of the country by unnamed syndicates. Said Mnangagwa,

I am aware that our people continue to face hardships linked to shortages of cash in the economy, all to back up and complement their buying power. My Government remains fully seized with the matter. We have to date released millions of United States dollars into the market for circulation to ease this problem, however, as soon as the money is injected into the system, it is ‘sponged’ out.  More creative ways of comprehensively tackling this problem, both in the short to medium term are being considered. Meanwhile, I encourage us to increase our usage of plastic money, in line with global trends.

More: Herald

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One Comment on “Mnangagwa Says That Cash Is Being “Sponged” Out Of Zim, Urges People To Use Electronic Money

  1. Global trends yechii when we are being charged exorbitantly by these banks and ecocash on these electronic transactions and you the authorities folding your hands waiting and threatening to fire people who protest for a living wage. Deal with the banks to reduce the charges because our money is literally evaporating during these electronic transactions. You cant seem to be supporting banks at the expense of the people you lead. We are tired of this mani!

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