HomeBusiness DigestSunrise gobbled $8,6b

Sunrise gobbled $8,6b

Paul Nyakazeya

THE Reserve Bank of Zimbabwe’s Project Sunrise gobbled a massive $8,6 billion ($8,6 trillion in old currency), deputy Minister of Finance, David Cha

pfika, said last week.

Responding to a question from Mberengwa West MP, Joram Gumbo, during a question and answer session in parliament on Thursday last week, Chapfika said the Reserve Bank had used $8,6 billion on the countrywide
operation which lasted for almost a month.

“The operation cost $8,6 billion revalued, $4,6 billion of which was for capital expenditure and $4 billion for printing of new bearer cheques and other operational expenses,” Chapfika said.

Chapika said at least 304 vehicles were acquired for the programme.

Out of about $45 trillion (old currency) that was in circulation at the time of launching Project Sunrise, a total of $35 trillion (old currency) was accounted for through re-banking withdrawals into the Reserve Bank coffers.

“As at August 22, 2006, which was the cut-off date for the change-over, at least $35,1 billion (revalued) had been collected from the public while at least $10,6 billion worth of old bearer cheques could not be accounted for various government ministries and departments,” Chapfika said.

Chapfika said the Reserve Bank had subsequently written off that amount from its books, adding that it had the technical effect of writing off costs incurred during the operation.

The period under review also netted a total of 9 320 cases with a value of $1,4 trillion (old currency) whose owners were said to have failed to account for the money at the close of business on August 21.

At the launch of Project Sunrise the Zimbabwe dollar was devalued against the US dollar by 60% from $101 to $250.

On July 31 Reserve Bank governor said Project Sunrise Two which would include the introduction of a new currency replacing bearer cheques would be launched “soon”.

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