Foreign currency shortages worsen

Foreign currency shortages worsen

Source: Foreign currency shortages worsen – DailyNews Live

Dakarai Mashava      12 October 2017

HARARE – The country’s foreign currency shortage crisis is worsening, with
more banks stopping payments to Multichoice, Africa’s largest pay-TV
company.

This also comes as e-wallet payment system, Ecocash, run by mobile firm
Econet Wireless, suspended international transactions on its MasterCard
debit card, citing scarcity of forex, in a grim sign that dollar shortages
were intensifying.

Zimbabwe’s biggest banking group CBZ Holdings yesterday said it was
suspending payments for DStv, which has become a major alternative to the
soporific menu of ZBC TV.

The commercial bank advised its customers of the new development through
an SMS.

“Dear Valued Client. We advise that DStv Payment Option will no longer be
available on CBZ Touch from 11.10.17. Our apologies for the inconvenience
caused,” read the terse message.

CBZ joins several local banks that have suspended payments to DStv citing
unavailability of foreign currency.

The suspension of DStv payments is also in compliance with the Reserve
Bank of Zimbabwe (RBZ) priority list which guides the execution of all
foreign payments for all authorised forex dealers in Zimbabwe.

Meanwhile, Ecocash advised it had suspended international transactions on
its MasterCard debit card.

In a message to its clients yesterday, it said the development had been
necessitated by the prevailing foreign currency challenges.

“We regret to advise that with immediate effect, Ecocash will be
suspending international transactions on the debit card. However, with
effect from 1 November 2017, we are happy to advise that you will be able
transact with the debit card outside Zimbabwe upon prefunding your card at
your nearest Econet shop.

“The card remains in use within Zimbabwe as all local limits remain
unchanged. We apologise for any inconveniences caused, which unfortunately
are beyond our control,” read the Ecocash message.

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