Man holding Zimbabwe dollar

You will get arrested if you show off cash on social media – Mangudya

You may need to think twice before you flaunt that stack of money on social media otherwise you will be in for it with the law enforcement authorities. This was revealed by the Reserve Bank of Zimbabwe’s Governor, Dr. John Mangudya.

Dr. Mangudya revealed to Sundaynews that folks who find joy in flaunting their cash on social media risked being nicked by the police:

It is illegal to show off cash on social media. Members of the public risk being arrested.

The Governor made this comment in response to the practice, by a few people, of posting Zimbabwe dollars or US dollars on social media platforms.

Recently, a certain guy posted cash on social media and the RBZ offered a reward to people who had information concerning his identity and whereabouts. The RBZ’s Financial Intelligence Unit (FIU) eventually caught the guy although it raised some eyebrows as they didn’t disclose his name like they did in the past.

As it is, we don’t know if the guy was arrested. It would have been helpful for RBZ to tell us the law he broke and the punishment he got so that people will know how much trouble they can get themselves into by posting money on social media.

Why is posting money getting you in trouble nowadays

It wasn’t an issue in the past to showcase your moola on social media platforms. But its now an issue because the RBZ’s Governor thinks that it breeds speculation.

I know sounds weird and confusing but yes, the Governor said that Zimbabweans have lately formed a speculative behaviour that are contributing to the continued flourishing of the black market.

These problems are caused by behavioural issues. Zimbabweans have become very speculative in nature. As a move to block the black market, the RBZ has instituted new measures that are to put a blow on the black market.

Of late Dr. John Mangudya’s has come up with a number of reasons as to why the black market is flourishing and Zimbabweans’ behaviour issues has come to the fore.

Where is this coming from

The Zimbabwe dollar’s value is taking a battering on the black market despite issuing Directive after Directive. Actually, virtually every Directive or policy change the RBZ is issuing has had the unintended effects of accelerating the Zimbabwe dollar’s depreciation.

The central bank is expecting that that the black market will capitulate as a result of placing restrictions on EcoCash, ZIPIT and other money transfer platforms.

It remains to be seen if this will work because so far the black market is adapting and finding new breathing spaces in the face of the restrictions. No wonder why the RBZ Governor likened the adaptiveness of the black market to coronavirus.

Selling money is not in the nation’s interest

Dr. Mangudya also encouraged moneychangers to put national interests before their selfish motives of trading foreign currency.

We need to make sure we produce for the economy so that we become self-sufficient. The behaviour of selling money is not conducive for economic growth. There is no economy that has grown by selling money to get money. Let us have national interest. We have to be patriotic and develop national ethos that is good for the economy.

It seems like a huge ask to the moneychangers to forsake their lucrative trade when some big fish in positions of power are not putting the the nation’s interest first.

Featured image credit: Getty Images

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