Business / Economy
Cash crisis not a problem says RBZ boss
17 Jun 2016 at 06:53hrs | Views
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said the current cash crisis is not an issue to worry about.
According to Mangudya, the prevailing cash crisis is just but a symptom of the problem.
Mangudya said the country was consuming more than what it exports.
"Cash crisis is not the problem, but symptom of the problem, as Zimbabweans we spend more time on the symptoms and not the problems. The country has been in deficit since 2008 as imports are higher than exports and compounding effects of 2008 that's what we are seeing today," Mangudya said.
According to official statistics, Zimbabwe's cumulative trade deficit since dollarisation was estimated at around $20 billion.
The current account balance reflected a negative $1,2 billion in 2009 and has progressively worsened to a negative $3,1 billion in 2015.
According to Mangudya, the prevailing cash crisis is just but a symptom of the problem.
Mangudya said the country was consuming more than what it exports.
According to official statistics, Zimbabwe's cumulative trade deficit since dollarisation was estimated at around $20 billion.
The current account balance reflected a negative $1,2 billion in 2009 and has progressively worsened to a negative $3,1 billion in 2015.
Source - Online
