No More US Dollars For Withdrawal By Individuals: RBZ

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that the central bank has stopped giving United States dollars to banks for individuals to withdraw. The governor said this was because the dollars were being used to fuel the black market. Speaking to the Sunday Mail, Mangudya said

Even if we put a lot of money into ATMs, people will take the money and go and sell it because the US dollar is being looked to as an investment as opposed to being a medium of exchange.

So what makes people take money from the ATM is that they want to sell it 50 cents above its value … it has become an industry of selling money but we need to sell products.

… should we put more money into ATMs for people to get money or should we put more money into the industry, which is employing people? It’s better to go for the latter.

More: Sunday News


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John MangudyaReserve 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

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

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40 comments on “No More US Dollars For Withdrawal By Individuals: RBZ

  1. If ever a reason was needed to vote the ZANY party out, then this is it. There is no future for business in Zimbabwe whilst the so called economists at the Reverse Bank persue these policies…..

  2. What a clever move that one is, black markets to hell. Its far much cause we never got even a single $US 1 at banks. Its far much the same because no bank whatsoever has given reserve bank any $US 1 as well. Bank tellers are now bank retailers.

  3. This guy is a fool. Had he not done his analysis and seen that the zim economy has been running on the parallel market for many years! NGOs money that you want to steal will not come here. They will bank it elsewhere and travel to pick it up.

  4. But Mangudya you need to understand why the common person buys black USD in the first place. I think even if we dont hold hard cash, at least enable us to buy our beforwards and open up our visa cards to standard international limits for product purchases, youll see we have no use for black market USD at all. Even what we we put under our pillows is not really for our grandchildren to inherit 100 years later,but its for use to accumulate the money with a stable value so we can eventually purchase in the future.

  5. THIS DR MANGUDYA IF THERE IS ONE PERSON ED HAS TO REPLACE ITS YOU.I NEED TO READ THIS MAN’S THESIS. THERE IS DEFINITELY NEED FOR IMPETUS WHEN IT COMES TO THIS MANGUDYA.As A MOTHER BANK IF YOU ARE a GOOD ECONOMIST YOU SHOULD BE ABLE To DO A BALANCING act come up with instruments that will be able to mop up the US dollar or any money from the public. By encouraging them to keep money in the bank. You should put control mechanisms that force rogue commercial banks to deposit money with the Reserve bank penalise banks not the ordinary person look where the haemorrhage is coming from not to go to the ordinary voter and directly punish them. My question is why should pensioners be punished pension funds are the biggest investors and for you to make a decree that if pension funds deposit money into banks their pensioners cannot get the US dollar but your news paper money that is oppression. And you can put instruments that attract them to sell Gold to Fidelity than the black market or smuggle it out of Zimbabwe that will mop up the gold FROM the public and help to build the gold bullion reserve that can enable us to have our own currency rather than use the US devil’s currency. Lastly if you purpot to be a proper economist here is food for thought Ian Smith had sanctions and he spent a million dollars a day on the war but he left a sound economy his DOLLAR was above the US dollar and the SA RAND was equevaland to our 75p if you cannot do that you should let someone take over. You and Gideon Gono have been given too much power to the detriment of our economy do not wait for ED to sack you .You have a national duty you must consult other economists Like that one with big ears Robertson and people like Eddy Cross. Do not let ED and the Zimbabwean people down by your incompetence. You should refrain FROM oppressing the ordinary person. And learn your moneying levels you can even know how much to allocate for Makorokozas and buy every gram of Gold they have we want our own currency. Wake up you dozy idiot and no more statements like no one should withdraw us dollar you are encouraging people to keep money under their pillows I think you are working for US,dollar fool MDC.

  6. i think there is a need to make sure that it is monitored and is being followed as it is stated by the governor

  7. its high time we re introduce our own currency that will have value on the international market. job welldone doc

    1. Reintroduce our own money? What money does Zimbabwe have as back up reserves? Only oeople’s hard earned savings in Banks. These monies will have to be “stolen”…AGAIN …in order to back up the Zimbabwe Dollar. Another Black Monday with us waking up to be INFORMED our savings have been stolen -again – by a profligate government. Thanks!
      But No Thanks! …..NK

  8. VP chiwenga hinted on this at his mberengwa rally. now we see he is walking the talk. welldone gents. keep restoring our legacy

  9. whilest liars are busy squandering people’s money on private tours, real leaders are working round the clock to fix zimbabwe. ED and his team are doing great things

  10. im touched by the dedication these man have towrds re-building the chosen nation. we love you, we are behind you, lets move on, tichingotonga

  11. well said doc, now lets star preparing to print our own money. lets learn from neighboring Mozambique, Zambia and south Africa. if they did it, why can we not did it as well

    1. I totally agree with you especially those that are behind ed they have demonstrated that one can live without a brain

  12. That’s a good move Mr koz bank tellers were became bank retailer vachitora mari mu bank vachiisa ku black market. Isu tichipihwa bond note chete. ED always says zero tolerance to corruption and support the that koz ku bank even $ rangasisawanikeasi on black market USD rakazara. Pasi nemhanduuuuuuuuuuuuuuu ED pfeeeeeeeeeeeeeeeee

  13. Am touched and impressed by the dedication these man have towards re-building the chosen nation. We love you, we are behind you, lets move on, tichingotonga ED achiti Pasi nemhanduuuuu and zero tolerance to corruption

  14. im even shocked that they wer indviduals vavachipiwa ma usd. aaaa nhai vamangudya zvino iro bond note zvaririkutengeswazve mucharegera here kuri disburser kuma individuals. im seeing another 08 in the picture

  15. i visited the country last year having put thousands in baclays i tell you some senior officials working with those governors help cash sellers to empty atms and sell in black market so viva this is a good idea a good step towrds building zim you see all these nigerian pastors they come to zim and act as fake prophets to steal dollar all those parkistans.nigerians they steal the money through open zim boarder firstly clean out illegal parkistan and nigerians fakes

  16. NO Zimbabwean currency will ever be trusted again – STAY AWAY from the idea. Do international business and get USD into the country. No foreighn coutry will supply Zim with anything if you cannot pay with a well trusted currency like the USD / Rand / Pound ect. Did Zimbabwe not learn anything from the failed previous attempts to print their own currency? That is just a way to try to put a “Bandaid” on the problem. In order to save the economy (and the country), you will have to do it right and work in a currency of wich the value you cannot controll. This is a hard fact – The value of the USD is controlled by the world economy, the value of a Zim dollar (Bond note, and any other form of toilet paper), is controlled and manipby a failed, 3rd world, corrupt African government and will never be worth anything internationally. Get the basics right and operate in REAL currency. Just starting the printing press when you need more money, is not the answer. I know these are hard words, but reality is what it is.

  17. Money is like water it follows the path of least resistance. If the bank has less rate than the black market it will flow from the bank to the market. If the banks has a higher rate then money will flow from the streets to the bank. Its that simple. The path of least resistance

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