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This article participates on the following special index pages:
Sunrise of currency reform - Index of articles and reports on Zimbabwe's new currency reforms
Operation
Sunrise cost $8.6b: Chapfika
The Financial
Gazette (Zimbabwe)
November 09, 2006
http://www.fingaz.co.zw/story.aspx?stid=1871
OPERATION
Sunrise, the currency change programme led by central bank in
August, cost $8.6 billion, Deputy Finance Minister David Chapfika
has told Parliament.
Chapfika made
the disclosures in response to questions placed by Mberengwa West
MP for ZANU PF, Joram Gumbo, in a question by notice period in Parliament
last week.
Reserve Bank
of Zimbabwe (RBZ)
governor Gideon Gono announced the currency move on July 31, saying
it had become necessary due to the old currency clogging computer
systems, and also as a means of punishing hoarders who he said had
been holding onto large amounts of cash for speculative purposes.
According to
Chapfika, of the $8.6 billion spent on the exercise, $4.6 billion
had gone into spending on equipment required for the programme —
a possible reference to vehicles specially purchased for the purpose
by the Bank.
"About
$4 billion was used for printing new bearer cheques and
other operational
expenses," Chapfika told the House of Assembly. Gono has revealed
that, at the end of the programme, some $10.6 billion was unaccounted
for. Chapfika said last week that $35.1 trillion of the old currency
had been returned to the central bank.
In questions
he had submitted weeks earlier, Gumbo had wanted Finance Minister
Herbert Murerwa to reveal the total cost of Operation Sunrise, to
disclose the total amount of the old currency recovered, and also
wanted to know what the RBZ was going to do with the old notes that
had been returned.
Gono in August
had moved to ease worries that the introduction of new notes would
have a negative impact on money supply, saying the central bank
had been careful not to print more notes than were needed at the
time.
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