Mangudya Promises Minimised Bank Queues

Reserve Bank of Zimbabwe Governor Dr. John Mangudya has promised Zimbabweans that in the next two months there will be minimised bank queues. This comes after the governer said that the RbZ has imported $400 million. He added that tobacco and gold export earnings are expected to boost liquidity.

To add to the $400 million, the RBZ will also draw from the $1,5 billion Afreximbank loan facility. Zimbabwe has for the past two years experienced cash shortages. The public has had to queue to access cash whilst businesses have been encouraged to promote electronic money. Currenlty there is $350 million bond notes in the market, and $40 million worth of coins in circulation.

Speaking to the Sunday mail, Mangudya stated, “What I want to promise the nation is that within the next two months, the queues are going to be minimised. Starting from the end of this month, we should see increased supply of cash on the market as we get more money from tobacco, gold exports as well as increased supply from our lines of credit. We have imported cash amounting to about $400 million from January to last week, which is January to the end of April. This is higher than what we did last year at around the same time.”