ZB Bank runs out of cash

CHAOS rocked ZB Bank branches in most parts of the country between Friday and yesterday, as depositors refused to leave banking halls after failing to get their cash from both inside the bank and at its automated teller machines (ATMs).

The cash shortage coincided with high demand for money, as it was month end, with artisanal miners and salaried depositors seeking to withdraw their payments.

ZB Holdings chief executive officer, Ron Mutandagayi yesterday declined to comment on the issue referring all questions to Reserve Bank of Zimbabwe (RBZ) governor John Mangudya.

Mangudya said the cash shortage had been worsened by the limited circulation of money in the economy.

A source in the banking sector blamed RBZ for causing the cash shortages at ZB Bank.

The bank was reportedly given $1 million by RBZ yesterday.