President Emmerson Mnangagwa has said that the government was taking a raft of measures to address the cash shortage crisis.
Zimbabwe has been submerged under the cash crisis for years now with authorities failing to come up with an effective solution to address the issue.
Delivering his State of the Nation Address on Tuesday in Harare, Mnangagwa said:
Government is fully aware of the challenges faces by the public in accessing cash, which has resulted in some unscrupulous traders selling cash in exchange for electronic money. Appropriate measures are being taken to address the cash situation, which include the removal of arbitrage opportunities created through multi-tier pricing.
Mnangagwa’s remarks come a day after the central bank, the Reserve Bank of Zimbabwe has directed that all mobile money agents stop processing cash in, cash out and cashback facilities.
Earlier, the RBZ had directed all banks to freeze bank accounts belonging to a number of companies including Sakunda Holdings and Croco Motors.
Authorities believe that these accounts were being used to promote money laundering.
Analysts have however said that the measures implemented so far were not sustainable.