Cash Shortages Have Been A Blessing In Disguise In Reducing Corruption: Minister Chinamasa

Photo: newsday.co.zw

 

Minister of Finance and Economic Planning Patrick Chinamasa has said that the cash shortages in the country have proved to be a blessing in disguise in the fight against corruption. According to Chinamasa, the shortages have forced people to use electronic money which makes it easy for authorities to trace the money. Speaking in parliament recently, Chinamasa said,

Some of the challenges about cash shortages are assisting us to push and change the mindset of our people to accept transacting business through electronic and mobile transfers.

As I speak to you, of the $97 billion transactions that were made last year 95 or 96 percent was electronic and the balance was through cash.

Again indicating and illustrating the success of the movement towards settling claims of payment electronically. Because as we try to fight corruption much of the corruption is promoted through usage of cash, people moving with suitcases of cash and so on to bribe people.When transactions are done electronically, there is a paper trail which inhibits those who would want to commit corruption.

Chinamasa also conceded that the cash crisis was unlikely to be solved soon as locals were avoiding the banking system because they did not trust it. Said Chinamasa,

Even if the central bank governor were to pump billions, whether of bond notes or of US dollars, that money is withdrawn and it is never re-deposited in the banks… Now, when we inquire into the reasons, it is actually boiling down to lack of trust and confidence.

Source :

pindula

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