Business / Companies
$100 maximum withdrawal from Metropolitan Bank
01 Dec 2013 at 04:51hrs | Views
Metropolitan Bank customers said the bank has sent them text messages informing them that they could withdraw money from any Zimswitch point of sale to a maximum of $100 a day.
Metropolitan Bank seems not to be the only financial service institution facing cash problems. Allied Bank is also facing similar problems with clients complaining that they were facing transaction problems and that the bank was not giving them money on time.
"We are being told that there is no money at the bank and it is very frustrating. This has been going on for a long time and we are sick and tired of all this," fumed Mr Themba Dube of Northend..
Zimbabwe National Chamber of Commerce chief economist Mr Kipson Gundani said the underlying problem in the economy was that the country's current account deficit had been widening due to the fact that the country was importing more and exporting less.
Mr Gundani said there were no strong avenues of cash into the economy and more money was going out than coming in.
"Our current account deficit has been widening and this has been the case since dollarisation.
"Another factor adding to that is that portfolio investments are also depressed hence there is little cash coming in and more money going out so there is depletion in stock levels of cash," he said.
Mr Gundani said another issue was that of diaspora remittances which were depressed due to the Eurozone crisis. The Bankers Association of Zimbabwe could not be reached for comment on the banking challenges.
Metropolitan Bank seems not to be the only financial service institution facing cash problems. Allied Bank is also facing similar problems with clients complaining that they were facing transaction problems and that the bank was not giving them money on time.
"We are being told that there is no money at the bank and it is very frustrating. This has been going on for a long time and we are sick and tired of all this," fumed Mr Themba Dube of Northend..
Mr Gundani said there were no strong avenues of cash into the economy and more money was going out than coming in.
"Our current account deficit has been widening and this has been the case since dollarisation.
"Another factor adding to that is that portfolio investments are also depressed hence there is little cash coming in and more money going out so there is depletion in stock levels of cash," he said.
Mr Gundani said another issue was that of diaspora remittances which were depressed due to the Eurozone crisis. The Bankers Association of Zimbabwe could not be reached for comment on the banking challenges.
Source - sundaynews
