Chinamasa says Zimbabweans need to change their dirty mindset to ease cash shortage

HON. CHINAMASA: It applies to all countries but sometimes in respect of the enforcement, they discriminate. In our case, they tend to discriminate on the basis that we are under sanctions.  We are a sanctioned country and in our country there are sanctioned entities and that creates more problems for us than other countries, for instance Zambia. However, Zambia, Tanzania, all of us, are members of a 19-member group, ZAMLAK which basically enforces within the membership, the rules of the Security Council.

 However, I want to agree with the Hon. Member that being a sanctioned country, with sanctioned entities within our country, we are basically perceived, discriminated and sometimes the enforcement is discriminatorily done.

 HON. P. D SIBANDA: Thank you Hon. Speaker.  Earlier on, the Hon. Minister indicated that there is shortage of cash in the economy because people are hoarding which is true or either they are externalising.  That one is a very clear indicator that the citizens have got no confidence in the financial sector and the economy of this country.  What is Treasury doing to ensure that that confidence is restored?  It is not about putting in laws and arresting companies, it is about restoring confidence.  What are you doing to ensure that the confidence is restored so that people can put their money into the banks again?

HON. CHINAMASA: Mr. Speaker Sir, the Hon. Member is correct that some of our challenges are a result of externalisation and in this respect, we are in touch now with the authorities in countries where our money is being externalised.  So, sooner or later, we should have information on who is externalising money.

With respect to hoarding, we are taking measures like I said.  Some of the measures could be legislative to ensure that large corporations which handle large volumes of cash on a daily basis, should be required to bank a percentage of that every day. We must restore the relationship with our banking sector.  I do not agree with you that these are rising from lack of confidence; I consider them as acts of indiscipline.  I thank you.

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