Don’t hoard cash warns Gono

HARARE - Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono has warned Zimbabweans not to stock up cash in homes as the country's final transition to a new currency will be sharp and swift.
Speaking at the weekend, Gono said the final leg of currency reforms he says are meant to shore up the

near-worthless Zimbabwe dollar would be implemented within 24 hours.
“Next time round, the implementation process will be short and, therefore swift. It will require less than 24 hours notice and will have much tighter cash limits for allowable deposits. So Zimbabweans take heed.
Don’t say you were not warned,” said Gono.
Gono urged people not to stock up the new bearer cheques but to make use of the banking system to avoid being caught unawares by the next currency switch.
“Ladies and gentlemen don’t store cash under your pillows and don’t operate mini central banks because the day of reckoning is coming,” he said.
Gono has in the past accused Zimbabweans of operating “mini central banks” by stashing cash in their homes for speculative purposes on the thriving but illegal parallel market for foreign currency. – ZimOnline

Post published in: Economy

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