Zimbabweans Failing to Access Cash in Banks

via Zimbabweans Failing to Access Cash in Banks by Thomas Chiripasi 13.11.2013 VOA Zimbabwe

Zimbabwean banks have been hit by a liquidity crisis following the July 31 polls resulting in the public failing to withdraw money in various financial institutions.

Several Harare residents told VOA Studio 7 they are failing to access their cash from banks owing to the shortage of money that the banks are reportedly experiencing.

One such resident is Mathias Masunda, who said he went to his local Metropolitan Bank on Wednesday intending to withdraw some money, but only managed to get half the intended amount.

Other banks that are reportedly failing to disburse cash on demand include the Commercial Bank of Zimbabwe and Agribank.

“Authorities should tell us what is really happening because we do not know why the cash is not readily available at the banks,” said Masunda.

Another Harare resident, Byron Mutingwende, said the cash problems are being worsened by citizens who are not depositing money into financial institutions due to the uncertainty that he claimed was created by the disputed July 31 polls that saw President Robert Mugabe romp to a landslide win against former Prime Minister Morgan Tsvangirai of the Movement for Democratic Change.

Masunda, however, said there is no cash circulation in both the formal and informal market resulting in most people failing to deposit anything in the banks.

“We just do not have the money. We can’t even feed our families let alone having some money to deposit in banks,” he said.

Mutingwende said the delay by Finance Minister Patrick Chinamasa to announce the 2014 national budget has fuelled the problem as economic players are not sure how to invest their money.

Chinamasa said he will not be announcing the budget anytime soon to allow for wider consultations.

He urged authorities to review interest rates so that the public can have confidence in the banking sector.

Meanwhile, Zimbabwe Bankers Association president, George Guvamatanga, said his association is engaged in talks with the central bank with a view to revising the rates.

In September this year, most banks — locally-owned and foreign—reported a decrease in interest income dragged by a Memorandum of Understanding (MOU) signed in February.

Under the MOU, banks would, with effect from last February, charge up to 0,5% of the cash withdrawal amount subject to a minimum charge of $2,50 while ledger fees, maintenance and service fees will cost up to $4 per account.

COMMENTS

WORDPRESS: 33
  • comment-avatar
    Boss MyAss 8 years ago

    The new government will have to deliver on promises of job creation, service delivery, equitable wealth sharing and investor security. Zanu-PF will need to implement a truly national, rather than party-political, vision for development in Zimbabwe.Equal distribution of wealth does not mean we all should be millionaires – it only means no one should die of hunger. Once the game is over, the king and the pawn go back in the same box. In the democracy of the dead all men at last are equal. There is neither rank nor station nor prerogative in the republic of the grave.

    • comment-avatar

      In your dreams they will deliver, cars for their wives and children and money for their retirement, remember 90% will be over 65 years old.

      • comment-avatar

        We saw this from former MDC ministers wanting their looting package and vehicle at cost some even their official home for the first time in Zimbabwe political history thank goodness for Zanu

  • comment-avatar

    We all have to accept Biti did leave the economy in a mess.
    he looted al public funds with bills in exchange but these have to be paid.
    It will take while to sort out the extent of the looting even at Zesa and the Municipality.

    • comment-avatar

      What??? Have you forgotten where the economy was in 2008? Biti did the best he could, trying to operate in a shark tank. Who looted the diamonds? Go ask Obert Mpofu how he got so rich? Who looted ZESA? That would be Ignaciaus Chombo, who cancelled hundreds of millions of dollars of debt in order to get Mugabe re-elected. Because of his shenanigans, the municipalities now cannot pay their workers. How can you blame Biti for trying to clean up Mugabe’s sh*t?

    • comment-avatar
      nesbert majoni 8 years ago

      John your head must be examined. U are too much of a ZANU pf person that even to argue with a fool like you is wasting time

      • comment-avatar
        Boss MyAss 8 years ago

        It’s a hopeless case, there’s no cure to greed and selfishness.

      • comment-avatar
        gideon nkala 8 years ago

        This John is typical of Zanu supporter. His head is full of scuds and mbanje which his local Mp buy for him

    • comment-avatar
      Diego Zhaba 8 years ago

      @John – Are you sure Biti left the economy in a mess? You need to get your facts right man.Revisit your assertion John.

    • comment-avatar

      john the corkhead.

    • comment-avatar
      Redemption 8 years ago

      Stupid Zanu idiot

  • comment-avatar

    Rhodesia didn’t have these problems

  • comment-avatar
    Kusvikazvanaka 8 years ago

    There is just no money. There is no middle class. There is no ZESA. No Good roads. No-one will deposit their cash. Nobody buys nothing. No food on most “tables”…No money for school fees. No Christmas this year.

  • comment-avatar
    Take take 8 years ago

    We are in a process of learning that sunctions are reall and not travelling ban like what others said

  • comment-avatar
    simon 8 years ago

    John you are a zanu fool. Biti presented a budget and MDC stabalised the economy. If they had had full control we would been on road to recovery. But your brothers and Chinese are bleeding zim dry. You need medication if you think zanu are the best to manage zim!!!!

  • comment-avatar
    Redemption 8 years ago

    John , you are an imbecile, idiot. You diabolic Zanu pf sycophant. You n your party messed the Jewel of Africa from day one in 1980. Stupid yemunhu!!!!

    • comment-avatar
      furedi 8 years ago

      People should not worry too much about comments from john.He does it to annoy other readers and he enjoys reading all the furious remarks aimed at him.While every one else is fuming and serious, its all a game for john.I will not dignify his name by using a capital j.

  • comment-avatar
    Odessa 8 years ago

    John you a complete idiot!! Are you a Zimbabwean??

  • comment-avatar

    Until we as Africans get rid of corruption and impunity we shall never progress, a country blessed with immense wealth and human capital using one of the most stable of currencies still cannot make it, shame on us

  • comment-avatar
    Jenandebvu 8 years ago

    @john, the head must examined soon to save a soul. If you don’t know anything about the subject of ddebate, nyarara, wotora mukana wacho kudzidza isu vanaJenandebvu tichihweketa. Kuchena ndebvu uku ndiyo wisdom yacho!!!! The problem is liquidity in the system, depositors are unsafe to put money in their bank account bcoz the signs indicate a gvt that need money without any source of funding. Depositors know well that in 2008 foreign currency accounts were raided by RBZ for president’s upkeep and agric activities. Now the worry is a possible repeat.

    Manje Zimbo unoriziva Johnso, even usina hako kungwara, they have used their old purses, bags and under the pillow at home. Rinoona moto nhaka dollar re America, ukaripihwa as change mumota, usaribvunza parakarara riri, otherwiz unoriramba iwe. Luckily, haritauri

  • comment-avatar
    Ndlovu Kayisa 8 years ago

    John you a sick idiot. imbwa yemunhu. how can you say that about Biti . it was MDC that brought normalcy. remember 2008

    • comment-avatar

      If facts make you call me names them the rubbish that you come out with means you are lost.
      You can research things I say and find them correct.
      A few phone calls will convince you – ask has Nasa and old mutual got their money back – what happened to the funds from the municipal medical aid.
      When you have asked questions at source then you have my full permission to write their reply.
      But don’t just make up things because you stupidly support Biti.

  • comment-avatar
    Limelight 8 years ago

    John

  • comment-avatar

    john unotoda rubatsiro nguva ichiripo

  • comment-avatar
    Bruce 8 years ago

    Cash shortages is the result of lack of banking confidence which is due to tranactions operating on cash bases. Any cash that comes out of the bank goes to Indians, Chineses and other business people who provides services or products who are not banking but keeping cash home and it flies out of Zimbabwe to China or India or Singapore to buy houses like Mugabes’s masion there. Get rid of Mugabe and there will no cash crisis. Its political risk, and no one has confidence in keeping cash with thieves like Mugabe and his ZANU PF

    • comment-avatar

      Bruce Not a lot of IQ in your reasoning ability.
      All we can read is you are an MDC supporter.
      Get the 50 million back from Tsvangerai’s son who is behind the illegal prepaid meter scam currently under investigation by serious crime unit, fraud squad.
      A lot of funds were sent overseas due to pro MDC journalists who promoted propaganda that Zimbabwe was reverting to the Zimbabwe dollar – thyis cause a stir and panic transfer of funds out of the country.
      A classic example of why there should be more not less restrictions on local press – those that promoted that propaganda should be jailed for terrorism/economic sabotage.

  • comment-avatar
    Shebah 8 years ago

    I see John is in trouble with the MDCT guys

    • comment-avatar

      Shebah I think MDCT guys are in trouble from me they just dont realize it and cant answer facts.
      We should hasvec articles that are apolitical not anti government so that issues could be properly discussed.
      Then MDCT might learn something

  • comment-avatar

    Ah, so john is Jonathan Moyo, guys dont waste your time, dont mind him. He is playing with your minds infuriating everyone. His stomach is so full and his bank account in South Africa or China is so fat he can’t help what he is saying.

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      Mo John is John sorry facts bother you but that’s life.
      I can quite understand those unable to deal with fact it shocks you don’t expect it in the Zimbabwe press or comment.
      Just look at the shock comments, tells a story asbout the journalistic shame in Zimbabwe.

  • comment-avatar
    Pastor 8 years ago

    Life and death matters, yes. And the question of how to behave in this world, how to go in the face of everything. Time is short and the water is rising.

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    John boy go to our new chikurubi snakepit like a man. Not a cry baby zanu criminal coward we loathe since 1980