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
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