Zimbabwean Banks In crisis as cash run
out

Zimbabwean Banks In crisis as cash run
out
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Zimbabwean Banks In crisis as cash
runs out
SOME banks have slashed cash withdrawal limits
to $50 per day, while others are failing to offer
clients their money as the cash crisis worsens in
the country.
PEOPLE queue for cash a
yesterd
The acute shortage of cash has also seen
traditionally bigger and more liquid foreign-
owned banks reducing daily cash withdrawal limits
from $300 to $200 while some indigenous banks
are disbursing as little as $50 per day.
Most people had turned to supermarkets for the
cash-back facility whereby an account holder
swipes to buy some items and is given some cash
in return. However, some supermarkets have
closed that option.
Businesspeople who receive cash every day have
taken advantage of the situation as they are now
offering cash to stranded clients for a fee. Some
unscrupulous bank officials are also cashing in on
the crisis as desperate clients are now paying to
withdraw more than the limit.
Sources in the banking industry said some banks
are already suffering from dwindling deposits.
Others are allegedly taking longer than normal to
honour bank transfers.
A snap survey yesterday revealed that people are
queueing for several hours at banks for as little
as $50 while some are being told that there’s no
cash.
Long queues were seen at most banks over the
past seven or so days with bankers saying the
situation was worsening every day.
“I was here on Friday afternoon and I was told
that there was no money. I came back today and
I’ve been queueing for the past two hours just
to withdraw $100.
“This means I’ve to come back tomorrow for the
same amount of money. I’ve paid my bills using
my bank card but I still need cash,” said Mr
Nkosenhle Tshuma from Cowdray Park.
Ms Florence Maseko said she was tired of making
numerous trips to the bank to access small sums
of cash.
“This is getting out of hand. I don’t know how
we’re expected to operate under such
circumstances. I would prefer getting at least
$500 for the whole week, so that I don’t come to
the bank everyday. It’s frustrating and time
consuming.
“I hope the authorities are working on a
permanent solution to address the situation. We
can’t have a nation of people who spend most of
their time trying to get cash from the banks,”
said Ms Maseko.
She said a week ago, she had to pay a fee to a
businessperson who offered her cash.
“I needed $1 000 cash and a businessman, who
runs a bottle store charged me five percent of
the amount for the transaction. I transferred
the money into his account and I got the cash,”
she said.
Efforts to get a comment from Bankers’
Association of Zimbabwe president Dr Charity
Jinya were fruitless as her mobile phone was not
being answered. There was also no response
yesterday to written questions sent to the
association by The Chronicle.
The Government has been encouraging the use of
plastic money in view of the cash shortages, with
the Reserve Bank of Zimbabwe reducing charges
on all electronic transactions to ease the burden
on clients and promote the use of electronic
banking services. The Government will at the end
of this month introduce bond notes, an export
promotion initiative which is expected to also help
reduce the cash crisis.
RBZ Governor Dr John Mangudya said to curb the
current foreign currency deficit, the cent