HomeBusinessCash crisis persists

Cash crisis persists

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DEPOSITORS continue to face challenges accessing their cash, with most banks still experiencing long winding queues.

BY VICTORIA MTOMBA

Cash-Crisis-(1)

A snap survey in Harare yesterday revealed that most banks were giving depositors a maximum of $200, while others did not have any cash at all to dispense to customers.

NewsDay visited Cabs First Street, where officials referred customers to their Central branch. When the crew arrived at Cabs Central, depositors were also standing in long queues.

One customer said: “I have been coming to this bank since last week and I have been withdrawing my money every day, although in batches of $200, I have not experienced problems.”

POSB Central Avenue did not have queues outside when NewsDay, but depositors were queuing inside the banking hall.

Queues were also witnessed at FBC, as depositors struggled to access their funds at the bank’s various branches.

FBC Holdings chief executive officer, John Mushayavanhu said the cash situation was not peculiar to the financial institution.

“The Bankers’ Association of Zimbabwe is working with the central bank to find a lasting solution to the problem. Meanwhile, we are encouraging our customers to utilise the Real Time Gross Settlement payment system, mobile money and point of sale machines,” he said.

“We have introduced cash withdrawal limits to ensure that available cash resources can be accessed by the majority of our customers.”
A source at another bank said the RBZ was failing to provide money to banks when requested.

“We wonder where we are heading to. We don’t have nostro accounts and when we request money from the central bank it does not come,” the banking official said on condition of anonymity.

The central bank has announced plans to introduce bond notes to curb cash shortages. The notes are expected in circulation within one-and-a-half months. RBZ governor, John Mangudya said the economy has too many leakages and the usage of the United States dollar has also exacerbated the situation, as Zimbabwe is now a major attraction for the greenback in the region, as regional currencies continue to soften.

Analysts suggested the introduction of bond notes has resulted in panic withdrawals, as people fear the government was reintroducing the Zimdollar through the back door.

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9 COMMENTS

  1. Banks are benefitting from the crisis. There have already increased charges, why? They no longer put money in ATM s to ensure they reap maximum profit through on the counter charges.

    We should say no to this daylight robbery.

  2. There is a crisis of confidence in the Banking sector ever since it was announced a bond note would be printed and circulated to solve the cash shortages. The fear of the return of the ZWD means that most people will not deposit cash in their Bank Accounts and will try to withdraw their money whenever they can and just leave a minimum balance. The cash crisis will continue until the bond decision is reversed.

  3. Offside Governor the US $ has been in circulation since 2009,the country never experienced cash crisis of this nature, does the Governor mean that foreigners just realised there is a precious commodity in US Currency in 2016 and started raiding the local market for this currency.The Governor denied ever trying to smuggle the Zim Dollar through the back door but his comments are simply betraying him and are pointing towards that miscalculated strategic move.

  4. The Zimbabwean government has chosen unproductive policies on the strengths that there is no opposition, unreasonable and mentally dis-empowered citizenry, toothless beings who simply endorse ridiculous policies, corrupt leadership and with the levels of powerlessness and meaninglessness among the confused majority there is no good future for this country. Who should we blame? Its the duty of every citizen that feels the level of suffering to emancipate this once promising country to decide to choose only those with appropriate leadership qualities, not the so called liberation fighters that have heavily contributed to this suffering.

  5. Until the political crisis is resolved nothing will cure an economic malaise that we are going through. Even bonds notes will not do the trick. This is the beginning of the end of Mugabe’s regime and he will not go past 2018. The economy cannot be rigged!

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