HARARE – Crisis-weary Zimbabweans are in for a rude awakening if the country’s bankers are allowed to go through with their proposal to introduce a $500 weekly cash withdrawal limit.
Bankers Association of Zimbabwe immediate past president George Guvamatanga yesterday said because of the worsening cash crisis, there was need for the new $500 weekly withdrawal cap.
Many banks have been experienced long queues, giving depositors as little as $20 per day.
With the 2007-8 hyper-inflationary years still fresh in people’s minds, Zimbabweans know for sure what lies in store for them.
Depositors have been spending most of their productive time queuing at banks and the $500 limit may yet worsen the situation as people queue at banking halls and automated teller machines to retrieve a maximum of $71 dollars a day.
This is nothing short of ridiculous. While bankers are more informed regarding optimal conditions in the sector, central bank governor John Mangudya must ignore the suggestion — for the sake of national peace and sanity.
Zimbabweans are a resilient lot and deserve a little bit of a break from the political and economic drama that is unfolding in their daily lives. The country’s citizens have not known peace since President Robert Mugabe’s Zanu PF government romped to victory in 2013, albeit under controversial circumstances.
Since then, the country has been on a downward path to recession — in the absence of bold economic reforms. Thousands of people have lost their jobs, while the much-touted economic blueprint, ZimAsset, has failed to deliver a single one of the promised 2,2 million jobs.
At the moment, the country needs nothing short of a change in leadership. If truth be told, the Zanu PF regime has failed and must be told in no uncertain terms that their time is up and must pass on the baton to new blood with new ideas.
It is only a fool who expects the same government — in power since 1980 — to revive the economy now when its populist and ill-advised policies such as the disastrous and often chaotic land reform and the controversial Indigenisation Act have brought only misery to the majority of our people.
The present cash crisis is not only a creation of the government’s failed policies but is a result of the myopic leaders who only think of themselves as evidenced by their blatant pillaging of the economy at the expense of the populace.
The nation must take a stand and urge the whole government to resign en masse and pave way for fresh elections that will usher Zimbabwe into a new dispensation.
The present crop of leaders has failed and must go.