Banks run out of cash In Zimbabwe

SOME commercial banks in Harare have run out of United States dollars, sending shock waves within the business community.

A survey done in Harare today showed that mainly indigenous owned and controlled commercial banks had no cash this morning.

Interfin Bank Limited, a subsidiary of Interfin Financial Holdings Limited had no cash at its Towers Branch along Samora Machel Avenue.

"You can come later this afternoon," a teller said in an interview. "There is no cash right now because the Reserve Bank did not give us any last night."

Interfin is listed on the Zimbabwe Stock Exchange (ZSE). CABS, Zimbabwe's largest building society, also did not have cash and there were long queues outside most of its branches.

However, Barclays Bank of Zimbabwe Limited and Standard Chartered Bank Zimbabwe Limited had cash. They are foreign owned and controlled although Barclays is listed on the ZSE.

Other commercial banks were limiting customers especially from ATM machines this morning.

The Minister of Finance, Tendai Biti, has come out clearly admitting that the country has run out of cash and, therefore, he could not allow the civil service to get their annual salary increase resulting in a nationwide strike.

The RBZ had not issued any statement on the cash crisis by Wednesday.

Post published in: Business

Leave a Reply

Your email address will not be published. Required fields are marked *