Why your Money is at Risk in a Cashless Economy

For various reasons, Zimbabwe has been becoming an increasingly cashless society with every passing year. In the Reserve Bank’s latest monetary policy statement we found out that of the total Zimdollar broad money in the economy, only 0.49% was actual physical currency. In the United States of America, physical cash represents about 10% of the total USD money supply.

While it is normal for hard physical currency to be a fraction of the total money supply, 0.49% is too low. For years Zimbabwe has had chronic cash shortages. No surprise there if physical cash is less than half a percent of total money in the economy. The cash shortage is made worse by the fact that most Zimbabweans prefer holding all their money as cash.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

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