Categories: Zim Latest

Im don’t keep my cash in Zim banks- President Mugabe

Charles Mabhena

The Zimbabwean President Robert Mugabe has admitted that Zimbabweans including himself are hiding cash in bedrooms at the time the country is facing liquidity challenges, saying the act of hoarding cash is justified.

In his traditional birthday interview beamed on the national broadcaster ZBC, Mugabe who turns 93 today made the revelations that it is justified that people are keeping their monies in pillows because when they bank it they may not be able to withdraw it.

“Dzimba dzizere mari (These houses are full of money). If we were to unleash the soldiers and the police into the people’s homes; house by house and dig for the hidden funds, not to take the money, but with the idea to uncover this economic ill, and report to us who are hoarding cash.

“You will be guilty, I will be guilty, and I don’t know who would be found innocent on this one, because we are afraid to bank it and lose it.

“It is not your fault, it is not my fault, and it is not his fault, it is the fault of the system that has not yielded enough cash,” he said.

Mugabe’s confession comes at the time the country is facing liquidity challenges, amid the failing economy, limited exports, and capital flight which was purported to have been plugged off by the introduction of bond notes, a currency that cannot cross Zimbabwe’s borders.

Meanwhile, the Reserve Bank of Zimbabwe Governor John Mangudya has been shouting aloud that one of the major reasons of bringing the bond note was to tame the externalisation of cash (capital flight), saying it was killing the financial sector as the cash was not be put into formal circulation.

While that (capital flight) argument makes economic sense, Mugabe’s confession would pile more headaches on Mangudya in the fact that money may not be crossing borders per se, but, it is still out of circulation as big earners like Mugabe and his family are stacking cash in their bedroom pillows.

The country has been struggling for liquidity the situation that has seen banks limiting the amount of cash one can withdraw.

Share

Recent Posts

YADAH FC Secures Khama Billiat’s Signing, NO Dynamos Deal

YADAH FC is poised to introduce former Zimbabwean international, Khama Billiat, with an unveiling event… Read More

21st February 2024

Alleged Vehicle Smuggling Ring Involving State Agencies Uncovered in Zimbabwean Court Case

A recent court case has brought to light a covert operation involving the smuggling of… Read More

21st February 2024

Tiktok star Bobbi Athoff trending over alleged video leaks

Alleged Bobbi Athoff Leaks Circulate Online, Fans Suspect AI Bobbi has not yet responded to… Read More

21st February 2024

Woman Arrested for Posting Images of Child Shaving Nude Women on Social Media

The woman accused of posting her child waxing nude women on social media has been… Read More

21st February 2024

Khama Billiat’s Potential Move to Yadah FC Sparks Speculation in Zim Domestic Football…VIDEO

Yadah FC officials welcome Khama Billiat at Harare Airport Former Zimbabwe Warriors star Khama Billiat… Read More

21st February 2024

We’re in talks with ‘The State and Sengezo Tshabangu to get back our captured organization’ – implies CCC president Welshman Ncube

Citizens Coalition for Change (CCC) acting president Prof Welshman Ncube says his party is engaging… Read More

20th February 2024