How ordinary Zimbabweans can take control of their currency


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Zimbabweans can easily take control of their currency by ditching cash and using electronic money, so argues one observer.

According to the observer if it is true that cash barons are Zimbabwe African National Union-Patriotic Front senior officials or cartels backing ZANU-PF, and they are the ones causing havoc with the exchange rate, then ordinary Zimbabweans, especially supporters of the Movement for Democratic Change, should boycott the use of cash and resort to electronic money.

ZANU-PF youths singled out three business tycoons who are all supporters of the ruling party for causing the current chaos in the market.

Reserve Bank of Zimbabwe boss John Mangudya said half of the bank deposits put at $34.5 billion is controlled by 200 corporates.

According to the observer, ordinary Zimbabweans were so gullible that they were whining about the shortage of cash but at the same time keeping the cash barons they said were creating havoc in the economy in business.

He wondered what would happen if everyone boycotted cash and resorted to the use of electronic money.

After all, electronic transactions are taxed at only 2% but cash is sold at a premium of between 10 and 30%.

Those who get it for free, if they are not cash barons, have never costed the time they spent in queues to get the cash.

The central bank says it will take five years to fully de-dollarise, but ordinary Zimbabweans can shorten this period if they take control of their currency as they are usually the ones at the receiving end of any shenanigans.

(56 VIEWS)

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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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