Latest News Editor's Choice


News / National

'Banks to give out more cash'

by Staff reported
07 Aug 2018 at 08:00hrs | Views
The Reserve Bank of Zimbabwe says people should expect to withdraw more cash from their banks in the coming weeks, just like what happened at the weekend when ATMs dispensed United dollars to the amazement and elation of many.

Banks in Bulawayo before the harmonised elections offered more cash withdrawals of up to $100, both bond notes and United States dollars.

Scores of depositors thronged banking halls with long winding queues being seen across major streets.

Early this month, the Reserve Bank of Zimbabwe (RBZ), which has been importing cash to ease cash shortages, temporarily froze disbursing US dollars to the banks for onward withdrawal by individual customers.

RBZ Governor Dr John Mangudya said some unscrupulous people were siphoning the greenback and reselling it on the black market. He also said the US dollar was being looked at as an investment and not as a medium of exchange. Yesterday, social media was also awash with messages that banks are disbursing US dollars. This prompted some to rush to the banks, and long winding queues could be witnessed at various banks in and around the city. Some depositors could be seen filling withdrawal slips as they prepared to withdraw their money.

The country has been facing cash shortages since 2016. To address the cash crisis, the Central Bank introduced bond notes in November 2016, a surrogate currency pegged at par with the US dollar under a $200 million Afreximbank loan facility.

Source - Daily News

Subscribe

Email: