"No Economy Has Ever Grown By Selling Money To Get Money," - Mangudya

The Governor of the Reserve Bank of Zimbabwe, Dr John Panonetsa Mangudya has said Zimbabwe needs to improve on productivity adding that the business of buying and selling foreign currency was not healthy for the economy.

He speaks when the central bank has in the recent past taken a cocktail of measures premised at curbing the illegal money market which authorities say is partly to blame for the nosediving of the local currency. Mangudya said:

What is lacking is self-discipline. We need to make sure we produce for the economy so that we become self-sufficient. The behaviour of selling money is not conducive for economic growth. There is no economy that has grown by selling money to get money. Let us have national interest. We have to be patriotic and develop national ethos that is good for the economy.

Mangudya also warned against posting pictures of banknotes on social media saying it was an offence that could see offenders arrested.

He also said the Zimbabweans have become very speculative in nature, a tendency that has an adverse impact on the rates.

More: Sunday News