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Externalisation probe begins

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HARARE


Finance and Economic Development Minister Patrick Chinamasa has said government has started investigations to identify individuals and companies involved in externalising foreign currency from Zimbabwe and in turn fuelling the current cash crisis. Zimbabwe is battling an acute cash shortage attributed to several factors chiefly externalisation and low exports. The country’s monetary authorities have introduced several measures to curb the cash shortage including closely monitoring the way some companies handle their cash following concerns that big firms, particularly retail businesses were not banking their daily takings. Chinamasa said externalisation continued to play a huge part in the cash challenges the country was facing. He encouraged wider use of plastic money and other forms of electronic payment as a substitute for cash. On the budget deficit, Minister Chinamasa denied any fiscal indiscipline on the part of Government. –   Herald

 

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