Behaviour Change A Cure to Financial Crises

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Barclays Bank Managing Director George Guvamatanga has said that behavior change is needed amongst Zimbabweans or else the $300 million bond notes to be introduced will suffer the same fate as the $200 million.

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Guvamatanga added that if the behavior does not change even $1 billion will change nothing.

“If our behaviour does not change, we will not see this $300 million. It will come, we give to civil servants they go to wholesalers and retailers. Civil servants cannot go to the bank and demand money because they have not exported,” said Guvamatanga in the Newsday.

“You used to complain about charges, we reduced them, so why are you queuing at our banks. At the current level of charges it is still viable to be able to use these alternatives [plastic money]” .

Despite the encouragement by the Reserve Bank of Zimbabwe to use plastic money, queues on the banks have not receded as some even spend the whole night waiting for money.

The Deputy Governor  Kupukile Mlambo stated that some of the bond notes meant to be used in Zimbabwe were now found in neighboring countries such as South Africa. The black market is also selling the Bond notes which are currently on the shortage in banks.

Mlambo in answering why they could not arrest those selling money in the streets said that there was a need to investigate where money was coming from as it did not help arresting the money changers without the source.

Some of the economists have suggested the use of the Rand to solve the cash crises in Zimbabwe which is not on demand as much as the US dollar. The RBZ has been against the adoption of the Rand as possible a currency and decided to inject more Bond notes.

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