Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

***The views expressed in the articles published on this website DO NOT necessarily express the views of the Commercial Farmers' Union.***

Panic As Zim Banks Run Out Of Cash

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 

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 

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


Tobacco sales fetch US$258m

Tobacco sales fetch US$258m    Herald 3/7/2020 Herald Reporter Tobacco sales have reached 110 million kilogrammes worth US$258 million, with deliveries to contract companies and

Read More »

Agric tops micro-finance loan book

Agric tops micro-finance loan book  Herald 12/9/2019   Mr Chitambo Fradreck Gorwe Business Reporter Good rains anticipated countrywide during the 2019/20 farming season, have seen agriculture

Read More »

New Posts: