Business / Economy
Reserve Bank of Zimbabwe pushes for cashless economy
16 Mar 2016 at 17:10hrs | Views
The Reserve Bank of Zimbabwe is confident of increasing plastic money usage to 80 percent from the current 20 percent in the next five years as the fiscal authorities push for a cashless economy.
The country's apex bank says as part of the medium-to-long term strategy, the country's fiscal authorities have prioritised the usage of plastic money.
According to the RBZ, banks should play a critical role in promoting the usage of plastic money in line with the international best practices.
RBZ Governor Dr John Mangudya says there is urgent need for a departure from the current situation were cash transactions are accounting for 80 percent of transactions.
According to the fiscal authorities, apart from promoting the usage of plastic money, there is need for the country to move away from the current consumptive economy to a more productive economy.
As part of the measures to promote the growth of the export sector, treasury has come up with tax incentive to cushion exporters.
The country's apex bank says as part of the medium-to-long term strategy, the country's fiscal authorities have prioritised the usage of plastic money.
According to the RBZ, banks should play a critical role in promoting the usage of plastic money in line with the international best practices.
According to the fiscal authorities, apart from promoting the usage of plastic money, there is need for the country to move away from the current consumptive economy to a more productive economy.
As part of the measures to promote the growth of the export sector, treasury has come up with tax incentive to cushion exporters.
Source - zbc
