Cash burning resurfaces

The 2008/9 so called ‘ghost of cash burning’ has resurfaced in the capital amid indications that some small to medium enterprises have joined the bandwagon of the overnight parallel market vice instead of majoring in their manufacturing and exporting mandate.

The introduction of a cashless society has been hijacked by greedy elements who have grabbed the available cash in circulation for the infamous vice of reselling it at exorbitant percentage profits which was code named ‘cash burning’ in the 2008 to 2009 era.

Chairman of the Harare Chamber of Small and Medium Enterprises, Mr Taurai Marembo said a larger proportion of the SMEs have joined the bandwagon of the parallel market bad vice of cash hoarding.

He said the illegal cash hoarding has been exacerbated by business operators who continue to demand cash as their only transacting option in a society that has adopted a cashless system.