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Friday, March 29, 2024
HomeGeneralZISO urges members to withdraw money from banks

ZISO urges members to withdraw money from banks

Zimbabwe Informal Sector’s Organization Director Promise Mkwanazi has urged all those in the informal sector to withdraw their money from the banks saying the introduction of Bond notes will see them losing money.

This emerged yesterday at a round-table discussion to delineate the introduction of bond notes and their implications to the Zimbabwean economy and the ordinary citizen.

“The people in the informal sector must with immediate effect withdraw their money from the banks and secure it elsewhere as we assess the situation.He said the move to withdraw money  is a precautionary  measure to guard the informal sector  from being short-changed.

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“History has it that when we transited from  Zim-dollar to US-dollar so many people lost so much money and it has not been compensated,” he said adding that they are saddened by the development as his organisation was mobilising members to start using banks.

This comes as a number of banks have run out of cash over the past days sending a message of a possible reminiscent of  the 2008 economic crisis and hyper-inflation era which saw many Zimbabweans losing their money resulting in pain and suffering for the ordinary Zimbabwean.

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Speaking at the same function People’s Democratic Party spokesperson, Jacob Mafume said the measures announced by the Reserve of Bank of Zimbabwe (RBZ), governor, John Mangudya reflect a country which is in a desperate economic situation with nowhere to go.

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“It’s really a case of back to the future where Zanu PF is trying to run an unproductive economy through monetary policy measures. Clearly they have not learnt from the Gideon Gono era.

“As the PDP we have always said that the Zanu PF government has no solutions and has run out of ideas on how to take Zimbabwe out of the economic rut which they have manufactured,” said Mafume.

Meanwhile government defended the predicted introduction of bond notes saying the development would help stabilise the economy. Finance Minister Patrick Chinamasa, revealed that government was copiously behind the announcements by RBZ Governor, Dr John Mangudya, saying there were adequate consultations on the matter.

“The announcement that was done by RBZ   was done within the law,”said Minister Chinamasa.

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