BAZ President, John Mushayavanhu said in an interview that while there were now more customers banking their cash, the year could be very tough due to stringent lending conditions. “People are now banking their cash instead of keeping it at home,” he said. “People now have more confidence in our banking system since the dollarisation of the nation by the RBZ.”
He said some people however still felt that if they put their cash into the banks they would lose it just like what happened when the RBZ told Zimbabweans that their money was frozen. This was when people in Zimbabwe were burning worthless bearer cheques because it was difficult to get US dollars in Zimbabwe.
The BAZ boss said the country still needed huge amounts of foreign currency because it was using hard currency. Zimbabwe uses the US dollar, the South African rand and the British pound as legal tender after dumping the inflation ravaged Zimbabwe dollar in 2009.
Post published in: News