Chinamasa given a torrid time in Parliament over cash shortages


HON. ZINDI:  With all due respect Hon. Speaker, I am of the opinion that it is a completely different question all together because this is related to charges.  The previous question by Hon. Mapiki is something that was related with black market and trading of currency.  In other words, the formal banking system has been taken out of the banks onto the streets, which is different from the issue that I am raising.  I thank you.

THE HON. SPEAKER:  So you request that you be answered?  Hon. Minister.

THE MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT (HON. CHINAMASA):  I thank the Hon. Member for her question; but to say that it requires a specific investigation,  I am not aware of what the Hon. Member is mentioning – [HON. MEMBERS: Inaudible interjections.] – I am not a banker – [HON. MEMBERS: Inaudible interjections.] – the relationship – I will need to find out Mr. Speaker Sir, the relationship between the banker and the customer.  What is the customer being charged for in respect of the US$30 every month?

Hon. Zindi having approached the Chair.

THE HON. SPEAKER: Order.  I will allow Hon. Zindi to show you what she is talking about.

Hon. Zindi explained some issues to the Minister of Finance and Economic Development, (Hon. Chinamasa)

HON. CHINAMASA: Mr. Speaker Sir, it is very clear that this is a matter that requires investigation.  She says that a particular bank, which I will not mention has been charging US$30 for the point of sale machines.  That is a relationship between the bank and the customer and I will need to find out what exactly the charge is about. I can speculate and I do not want to speculate.  For instance, I do not know the cost of the point of sale machines, I do not know the contractual relationship when the bank supplies the point of sale machines, whether they are recovering the cost of the point of sale machine, we do not know.  So, I will need to investigate and I ask the Hon. Member to put the question in writing.

HON. ZINDI: Thank you Hon. Speaker.  With your indulgence, I am of the opinion that the Ministry of Finance and Economic Development, with the support of the Reserve Bank, guide commercial banks in terms of how much charges they should transact with their clients.  Therefore, when we are raising these policy issues, it is intended to actually give direction to these commercial banks in terms of the charges they should actually be charging their clients which does not border on exploitation.  For example, if it is renting, if you have 10 machines, 10 times 30 every month, over and above the other charges one has to pay.  What business can you do in that kind of environment?

THE HON. SPEAKER: What is your supplementary question?

HON. ZINDI: I am saying, in terms of the response by the Minister, we need a directive as he previously did, to cut down on charges which are being levied to clients.  This was done when we raised these issues.   The Reserve Bank of Zimbabwe, when we raised these issues, it came in and the Ministry also came in, in terms of supporting the clients or the clientele base being levied very high charges by banks.  Banks in this environment are reporting super profits.  Where are they getting the money from?

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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