Forex bonus withdrawals overwhelm banks

SCORES of civil servants and pensioners continued to queue outside banking halls in Bulawayo yesterday seeking to withdraw their foreign currency, forcing some banks to seek police intervention to control crowds.

Government has awarded its workers the annual 13th check in foreign currency and Treasury has announced the release of up to US$120 million towards that.

The lowest paid civil servant has US$210 bonus while pensioners are able to withdraw up to US$60.

The payments started last week and since then banks have been working under pressure, and in some instances, struggling to control enthusiastic workers.

Police had to be called to monitor the situation at POSB and National Building Society while others like First Capital Bank, CABS and ZB were also a hive of activity. Depositors who spoke to Business Chronicle said they have been queueing for more than 12 hours while others have opted to sleep outside the banks so as to get served first.

They complained that some banks were not giving them all their money at once and appealed to Government to ensure that convenient measures are put in place to minimise congestion so as to avert the risk of spreading the deadly Covid-19 pandemic.

"Banks should give people maximum amounts so that a person comes once. Instead, some banks give people US$100 per day and you will be forced to come and queue for the second or third day," said Ms Nomazulu Dube who was at POSB Bank.

"The pressure will not stop as people will come every day until they collect all the money.

"There is need to increase tills and put some US dollar ATMs so as to reduce numbers inside the banking hall."

Most depositors, who included civil servants who are based in rural stations, said they preferred to withdraw their bonus.

At the National Building Society, a senior bank official said they were working beyond normal hours as they are overwhelmed with queues.

"We issue cards with numbers to people and if we fail to serve those until 3pm we close them inside the banking hall as long as they can maintain social distancing and serve them until we finish," said the official.

"We are also in the process to establish US-dollar ATM machines outside so that we reduce number of people inside to reduce risk to contact Covid-19."

The official said banks were unable to open beyond the regulated hours by the Reserve Bank of Zimbabwe (RBZ).

"In some instances, impatient depositors tend to become violent and some would be wanting to bulldoze their way inside the bank before opening time.

"In such instances, we have solicited for police intervention to disperse the crowds," said the official.

Earlier, civil servants and pensioners had raised concern that some banks were compulsorily liquidating their bonuses, prompting the Government to issue a press statement directing that all banks should allow civil servants to withdraw their full bonuses in US dollars.

"It has come to the attention of Treasury that some banks are compulsorily liquidating civil servants bonus payment and thereby forcibly paying them in domestic currency," said the Treasury.

"We, therefore, wish to advice that all civil servants should be allowed to withdraw their bonus payment in full in US dollars."