RBZ Says Zimbabwe Flooded With Money And Now Spilling Over – ZimEye


RBZ Says Zimbabwe Flooded With Money And Now Spilling Over

By A Correspondent | The Reverve Bank Governor John Magudya has announced saying Zimbabwe is flooded with dollars everywhere.

Speaking in a recent interview (excerpt below), Mangudya, said there is an overspill of money such that it now needs to be controlled by a tap stop.

He said this while defending the recent presidential orders which as ZimEye reveals, have been criticised by bankers.

Mangudya said the orders are just for the short term. He said:

“In the short term, it’s not a long term, it’s a short term measures so that we deal with global economic instability.

“I will give an example of if you have got a water tank of water, and your pipe is putting water into the tank, when the tank is overspilling what do you do?

“You close the tank, right? So that the water doesn’t continue flowing into the tank, look at that in terms of money, that money was flowing into the economy, when you close the tap, it means that no money goes out again.

“So it means you use what is there, so it means that the level of the water in the dam or the tank, will start going down, so that’s what we envisage, so these things are short term, in as far as just as the water supply into a tank, when you close a tap. So when you close a tap…so these are supposed to be realised in the short term. ” – ZimEye.

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Source link : https://www.zimeye.net/2022/05/12/rbz-says-zimbabwe-flooded-with-us-dollars-and-now-spilling-over/

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Publish date : 2022-05-12 11:41:13

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