THE Reserve Bank of Zimbabwe has launched an operation to assess banking trends by high cash generators such as wholesalers, retailers, mobile phone companies and fuel dealers amid revelations cash deposits fell by a staggering 40 percent on average last month.The operation is part of a cocktail of measures to alleviate the current cash shortages.
The operation was revealed by Finance and Economic Development Minister Cde Patrick Chinamasa in his report on the implementation of the Zimbabwe Agenda for Sustainable SocioEconomic Transformation (ZimAsset) to the ZanuPF National Consultative Assembly last Friday. The operation by the RBZ is covered under Section 11 of the Bank Use Promotion Act. The Act reads:
“Every trader and parastatal shall, unless it has good cause for not doing so, deposit in an account with a financial institution, no later than the close of normal business hours on the day following that on which the cash is received or on the next banking day, cash that is surplus to the requirement of the trader.” The RBZ operation started early this month