The Reserve Bank of Zimbabwe has introduced a new $1 000 bank note in a bid to ease the widespread cash shortages in the country. The central bank has also announced an increase in the daily cash withdrawal limit for individuals and company from $500 to $1 000.
Reserve Bank Governor Mr Gideon Gono said he was confident of an economic turn around given the positive developments on the political front. Mr Gono is in Casablanca, Morocco on a business trip to negotiate facilities to finances critical imports as fertiliser, fuel and seeds.
“As monetary authorities, we are very optimistic and confident about this country’s economy following the signing of the political agreements. As the central bank, we will continue to play our part to ensure a successful economic turnaround,” he said.
Well, Mr Gono has tried to solve the monetary crisis in Zimbabwe but personally I think he has failed. He has failed to manage the monetary situation in the country, he might give an excuse of the political situation in the country. But I’m sorry, when he accepted the post he was well aware of the political situation in the country.
His only ’solution’ to the money problems in Zimbabwe is to introduce new bank notes every month and remove zero from the currency. Has this policy worked? NO!
As the country begins a new era after the signing of the power-sharing agreement, Mr Gono is one of those government officials who should go first. He was given enough time so it’s time for him to go.
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Wed, Sep 17, 2008
Money Matters, Zimbabwe News