Why is there no money at the banks but plenty on the streets?


There are only be two sources, the central bank itself and the commercial banks.

One financial journalist said some employees of the central bank were the chief culprits.

“During the 2008 cash crisis Gono and his senior staff made money. There were reports that it was the central bank that was fuelling the black market, but they were also getting rich personally,” the journalist said.

“The central bank is back in the game again, this time through the RTGS system. I bet Mangudya is benefitting from this system. It is just too tempting to resist. I know that some of his juniors are, especially those that once worked with Gono.

“They made money in 2008 and bought properties and businesses in the Kopje area. These properties and business had become dilapidated as their fortunes disappeared, but I can see that they are being spruced up now, this means they are making money once again.”

With premiums of up to 30 percent, going to 50 percent if one wants hard currency, this is too good an offer to miss if you have access to cash.

After all, there is nothing to worry about since those who should be policing the system are the once flouting it.

But maybe, maybe someone might see reason because what was happening in 2007 and 2008 is exactly what is happening now in 2017 and could spill into 2018.

Those in power do not want a repeat of 2008 because they lost to the opposition.

While they managed to wriggle their way out, there is no way they will be able to do that in 2018 because Zimbabweans know what happened in 2008.

But then this might just be wishful thinking on my part because political bickering seems to have become a full-time occupation.

Worse still it is not even rival parties fighting each other. The fights are internal.

G40 is battling Lacoste in ZANU-PF.

Khupe is fighting Tsvangirai in the MDC-T.

Biti is in trouble in the PDP for getting into an alliance with Tsvangirai.

Joice Mujuru is losing members in the NPP.

Who then is focusing on what is happening in the country?


See also:

Bad news for Zimbabwe-The scary side of the Zimbabwe Stock Exchange bull run


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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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