Panic As Zim Banks Run Out Of Cash
By Ngoni Chanakira Harare, February 08, 2012 – 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 but Barclays is listed on the ZSE.
Other commercial banks were limiting customers especially from ATM machines
this morning.
Zimbabwe is facing a serious cash crisis ever since sanctions were
introduced on its economy by the US and the European Commission as well as
Australia and New Zealand.
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.