Opinion / Columnist
Cash shortages, a slight glitch
22 Mar 2016 at 13:17hrs | Views
Recent utterances by MDC-T spokesperson, Obert Gutu on cash flow challenges that the country is temporarily encountering should not be tolerated as the statement is meant to incite fear and chaos among depositors and the general banking public.
If he is not aware, Obert Gutu should be reminded that, Reserve Bank of Zimbabwe Governor, Dr John Mangudya clearly announced that the recent rise in demand for cash in the country was a short term crisis, hence there is no need for the banking public to panic.
It is imperative for Zimbabweans to take heed of Dr Mangudya's advice. Dr Mangudya highlighted that Zimbabweans must use plastic money, a popular phenomenon in developed world instead of hard cash in their transactions, as there are several merits of using plastic money at the expense of hard cash.
Firstly, using plastic money is convenient, safe and flexible. In that vein, an individual can either buy groceries in shops or pay bills using plastic money. By so doing, the current challenges of cash shortages will be reduced.
However, it is a disgrace that the MDC-T as always want to politicize this issue. MDC-T seems to find relevance when the country experiences challenges. It has now become common knowledge that the MDC-T has a single tool they use when trying to gain political mileage, attacking the ruling Government without proffering any tangible solutions that may develop and keep the country moving forward.
The real cause of cash shortages in banks is absolutely clear. As stated by Governor Mangudya, cash demand were heightened by a shift in civil servants' pay dates which coincided with the rest of the employees in the private sector. It's actually a shame that the MDC-T fails to realize such economic difficulties and point a finger at the ruling Government. Gutu absurdly said that "the apparent cash flow shortages was a result of deteriorating political situation and the almost complete failure of Government …".
The other cause of cash scarcity could be externalization of funds by either individuals or traders travelling across the country's borders. Money laundering is when funds available in the country are being illegally channeled out of the economy to foreign bank accounts. While delivering his monetary policy in February this year, Dr Mangudya highlighted that money was flowing unlawfully outside Zimbabwe, a process that is worsening liquidity in the economy. It is therefore, prudent for every Zimbabwean to be a responsible citizen through shunning such deleterious activities.
Indeed, there is no reason for Gutu and cronies to make noises about on this issue. The only ticket that the MDC-T has been riding on since its inception is worsening the country's economy. At one point, Gutu foolishly noted that, "We need to hear ZANU-PF scream, and as a democratic party we can only engage in peaceful resistance to this regime until it squeals." In other words, the current cash shortages could be a result of the MDC-T who are fighting the ruling Government from a hidden corner.
From the onset, the MDC-T has never proffered positive ideas that assist or support ruling Government's programmes. They are there only to criticize Government with a misguided notion of removing it from power. Also, it is the MDC-T that called for the illegal economic sanctions against Zimbabwe in 2000. Unfortunately, those sanctions are causing great suffering to innocent Zimbabweans including MDC-T supporters.
In his recent rally in Marondera, leader of MDC-T Morgan Tsvangirai nonsensically noted that he will lead the protests and stay away actions as a way to force the ruling government to implement electoral reforms. Tsvangirai should be ashamed of inciting the public. Such acts of sabotage are not accepted as they destabilize the economy.
If Tsvangirai is comfortable with not going to work he should stay at home alone and stop inciting true Zimbabweans who are willing to work for their country. Zimbabwe is not for Tsvangirai; therefore he should not just utter reckless statements that provoke the general populace.
It's indeed a shame for Gutu and his MDC-T to say ZANU-PF rigged the 2013 elections. The elections were held in the presence of both MDC-T and ZANU-PF observers. Where exactly were the elections rigged? Gutu should provide evidence that support his statement rather than uttering baseless information. Honestly, is it a crime for a political party to win any elections in Zimbabwe?
MDC-T should know by now that Zimbabwe will not fall at their behest.
If he is not aware, Obert Gutu should be reminded that, Reserve Bank of Zimbabwe Governor, Dr John Mangudya clearly announced that the recent rise in demand for cash in the country was a short term crisis, hence there is no need for the banking public to panic.
It is imperative for Zimbabweans to take heed of Dr Mangudya's advice. Dr Mangudya highlighted that Zimbabweans must use plastic money, a popular phenomenon in developed world instead of hard cash in their transactions, as there are several merits of using plastic money at the expense of hard cash.
Firstly, using plastic money is convenient, safe and flexible. In that vein, an individual can either buy groceries in shops or pay bills using plastic money. By so doing, the current challenges of cash shortages will be reduced.
However, it is a disgrace that the MDC-T as always want to politicize this issue. MDC-T seems to find relevance when the country experiences challenges. It has now become common knowledge that the MDC-T has a single tool they use when trying to gain political mileage, attacking the ruling Government without proffering any tangible solutions that may develop and keep the country moving forward.
The real cause of cash shortages in banks is absolutely clear. As stated by Governor Mangudya, cash demand were heightened by a shift in civil servants' pay dates which coincided with the rest of the employees in the private sector. It's actually a shame that the MDC-T fails to realize such economic difficulties and point a finger at the ruling Government. Gutu absurdly said that "the apparent cash flow shortages was a result of deteriorating political situation and the almost complete failure of Government …".
The other cause of cash scarcity could be externalization of funds by either individuals or traders travelling across the country's borders. Money laundering is when funds available in the country are being illegally channeled out of the economy to foreign bank accounts. While delivering his monetary policy in February this year, Dr Mangudya highlighted that money was flowing unlawfully outside Zimbabwe, a process that is worsening liquidity in the economy. It is therefore, prudent for every Zimbabwean to be a responsible citizen through shunning such deleterious activities.
From the onset, the MDC-T has never proffered positive ideas that assist or support ruling Government's programmes. They are there only to criticize Government with a misguided notion of removing it from power. Also, it is the MDC-T that called for the illegal economic sanctions against Zimbabwe in 2000. Unfortunately, those sanctions are causing great suffering to innocent Zimbabweans including MDC-T supporters.
In his recent rally in Marondera, leader of MDC-T Morgan Tsvangirai nonsensically noted that he will lead the protests and stay away actions as a way to force the ruling government to implement electoral reforms. Tsvangirai should be ashamed of inciting the public. Such acts of sabotage are not accepted as they destabilize the economy.
If Tsvangirai is comfortable with not going to work he should stay at home alone and stop inciting true Zimbabweans who are willing to work for their country. Zimbabwe is not for Tsvangirai; therefore he should not just utter reckless statements that provoke the general populace.
It's indeed a shame for Gutu and his MDC-T to say ZANU-PF rigged the 2013 elections. The elections were held in the presence of both MDC-T and ZANU-PF observers. Where exactly were the elections rigged? Gutu should provide evidence that support his statement rather than uttering baseless information. Honestly, is it a crime for a political party to win any elections in Zimbabwe?
MDC-T should know by now that Zimbabwe will not fall at their behest.
Source - Peacemaker Zano
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