RBZ Blamed For Failure To Curb Cash Crisis
Published: 2016 May 12 05:27:19 (3473 Views)
The Reserve Bank governor, John Mangudya defended the RBZ on claims that they failed to avert the cash crisis when he said importing cash was not a one day process.
This comes amid criticism of the RBZ on their failure to implement measures to derail the cash-crisis when signs of an impending cash liqudity crisis were first noticed in the country.
Speaking at the Zimbabwe National Chamber of Commerce dialogue on the cash situation yesterday, both Dr Mangudya and Bankers Association of Zimbabwe president Dr Charity Jinya acknowledged that importing cash was not an overnight process as banks were subjected to Customer Due Diligence (CDD) from their correspondent banks.
“People should understand that there are limitations in importing cash. For instance,if you import cash worth $10 million a month, you just cannot increase that amount.
“Those countries where we import cash do their CDD meaning that if you change the import size they will raise questions especially in light of Money Laundering regulations,” said Dr Mangudya.
Dr Jinya also added that questions would be raised internationally if banks continue importing more cash than they would normally require.
The RBZ this week injected $15 million into the market to ease the cash crisis but Dr Mangudya said the cash shortages are likely to resurface by today as pensioners start receiving their pay outs.
Dr Mangudya, however, bemoaned the rate at which the financial services sector is losing funds through externalisation.
- Herald
This comes amid criticism of the RBZ on their failure to implement measures to derail the cash-crisis when signs of an impending cash liqudity crisis were first noticed in the country.
Speaking at the Zimbabwe National Chamber of Commerce dialogue on the cash situation yesterday, both Dr Mangudya and Bankers Association of Zimbabwe president Dr Charity Jinya acknowledged that importing cash was not an overnight process as banks were subjected to Customer Due Diligence (CDD) from their correspondent banks.
“People should understand that there are limitations in importing cash. For instance,if you import cash worth $10 million a month, you just cannot increase that amount.
“Those countries where we import cash do their CDD meaning that if you change the import size they will raise questions especially in light of Money Laundering regulations,” said Dr Mangudya.
Dr Jinya also added that questions would be raised internationally if banks continue importing more cash than they would normally require.
The RBZ this week injected $15 million into the market to ease the cash crisis but Dr Mangudya said the cash shortages are likely to resurface by today as pensioners start receiving their pay outs.
Dr Mangudya, however, bemoaned the rate at which the financial services sector is losing funds through externalisation.
- Herald
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Anonymous user
2016 May 12 13:45:37
They are losing funds because they are letting the top cats use our hard earned cash as they want with no responsibility. Assholes don't know how to run a country.
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