Treasury to compensate pensioners, depositors

By ZBC Reporter
THE Minister of Finance and Economic Development, Professor Mthuli Ncube says treasury will compensate pensioners and depositors whose money lost value due to reforms that the second republic took in the last two years.

He was speaking in Bulawayo when he officially launched “the investment 101” handbook and capital markets educational video this Friday.

“We will compensate pensioners who lost value because of the currency reforms we undertook in the last two years and we have set aside resources for that. not only are we compensating pensioners, but we are also compensating depositors as well who had deposited a thousand and below in the banking sector. So you can see that we are working very hard as government, as a regulator that investors, our pensioners are protected from some of the misfortunes of market movement. We do not have unlimited resources as government, we have limited resources and we believe that gesture we have offered is a step in the right direction.

“It shows that we are aware of some of the negative impact of some of the reforms that we have undertaken and we also aware of the much bigger positive impact of the reforms going forward. We want to protect the vulnerable while at the same time unveiling opportunities that have the means to explore those opportunities and grow the economy as we strive to achieve the vision 2030 goal. We want to protect people from the loss that they incurred when the exchange rate moved from 1:1 to 2.5,” he said.

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