Business / Companies
Panic withdrawal hit Zimbabwe banking sector
07 Aug 2013 at 01:26hrs | Views
The banking sector has reportedly been hit by panic withdrawals.
Sources said anxiety had gripped the public following uncertainty surrounding the outcome of the just-ended general elections.
"There has been a slight liquidity crunch because of capital flight from the formal banks.
"People were taking money out of the market because of election jitters," said a senior banking executive who declined to be named.
"This should be corrected or resolved within the next two weeks as people begin to have confidence in the country and economy."
At least $700 million was reported to have been withdrawn from banks during the countdown to the elections.
Sources said anxiety had gripped the public following uncertainty surrounding the outcome of the just-ended general elections.
"There has been a slight liquidity crunch because of capital flight from the formal banks.
"This should be corrected or resolved within the next two weeks as people begin to have confidence in the country and economy."
At least $700 million was reported to have been withdrawn from banks during the countdown to the elections.
Source - newsday
