HomeBusinessMoyana ready to help on cash crisis

Moyana ready to help on cash crisis

Zimbabwe’s first black central bank governor Kombo Moyana says he is prepared to offer solutions to the prevailing cash crisis if he is asked to do so.

BY NDAMU SANDU

The country is grappling with a cash crisis that has seen the return of long queues at banks, which have been forced to put caps on withdrawals as they try to manage the situation.

The Reserve Bank of Zimbabwe (RBZ) is also advocating for the use of plastic money to reduce the demand for cash, while experts warn that government is addressing the symptoms and not the root cause of the problem.

Moyana told Standardbusiness on Friday that solutions were found when people sat down and engaged.

“I cannot refuse if called to discuss the cash crisis, but I have not been engaged,” he said.

His remarks could point to the fact that RBZ has not been casting its net wide enough to find solutions to the cash crisis.

Moyana was RBZ governor for 10 years from 1983 to 1993. Before then he was a deputy governor at the institution.

The widely respected former head of the apex bank is the board chairman of the Sovereign Wealth Fund.

In 2010, Moyana was selected to be a member of the RBZ board but declined the offer as he was conflicted by virtue of being executive secretary of the Comesa Clearing House.

Since the beginning of the year, some banks have been struggling to meet the obligations of depositors, with RBZ announcing the introduction of bond notes as part of measures to address the cash crisis.

Last month, Moyana told Finance minister Patrick Chinamasa at a dialogue series that the introduction of bond notes was not the solution to the cash crisis.

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