LOCAL banks have to date accounted for $8,5 billion worth of deposits this year up from 2017’s $7,6 billion , an official has said. Addressing college students during Zimbabwe Congress of Students Unions (ZCOSU)-organised public lecture at Masvingo Polytechnic, recently, Finance and Economic Development Ministry Deputy Minister, Terence Mukupe said the financial sector had attracted more deposits despite the critics’ belief that the country had no money.
“Our local banks presently have $8,5 billion worth of deposits , up from $7,6 billion in 2017. About $450 million cash is also in circulation, as we speak,” said Mukupe.
He however, said , all the money in the banks could be belonging to the government , as quite a number of individuals and corporate, had huge debts, in unpaid taxes.
“If we consider the amount of money that individuals owe government in taxes , we will realise that , the deposits that the banks have collected belong to the fiscus and local authorities.
“There is a tendency of not paying taxes in the country and the amount owed , which is about $4,5 billion to the Zimbabwe Revenue Authority and $3,6 billion, to the local authority , constitutes at least 85 percent of the bank deposits by both individuals and corporate,” he said.
Mukupe said a number of cooperates were not supposed to be in business , as they were not living up to their obligation of paying tax to the government.The Deputy Minister Mukupe said the Zimbabwe government had a great potential to prosper, under the new dispensation led by President Mnangagwa, as evidenced by a number of business deals that he had sought within a short period of time.
He said there was a new economic order- conducive to both domestic and foreign direct investment while urging students, to choose the country’s leader who had the country at heart and had shown that he would move the country forward, economically.