Switch To Plastic Money, Reserve Bank Says
11 June 2016
Long and winding queues have triggered mayhem at banks countrywide with depositors waiting to withdraw their cash despite calls by the Reserve Bank of Zimbabwe for people to switch to the use of plastic money as a transacting option.
A short survey at various banking halls in the capital revealed that depositors are now besieging banking halls as early as 5am as financial institutions battle to cope with the cash demand which has rocked the country over the past few months.
Some banks have resorted to issuing cards to control the number of people who can withdraw cash at a given time.
In other instances, depositors were seen milling around outside as banks ran out of cash even as early as mid-morning.
The situation was, however, calm at some banks with depositors saying they were being limited to withdraw between US$200 and US$500. However, the bulk of depositors professed ignorance on the idea to switch to the use of plastic money as substitute of carrying cash.
Zimbabwe’s cash crisis has been fuelled by alleged externalisation and hoarding of cash, prompting government and the central bank to unveil policies aimed at combating cash leakages.
2 Replies to “Switch To Plastic Money, Reserve Bank Says”
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Depends where you live and shop, in 2003 there was a terrible cash shortage in Hre and we’d use our debit cards muma shops, vana TM, Ok ne Spar. Uchigara zvako kune ma small shops asina such facilities unotongira pai?
Ma big supermarket branches eku high density anawo here ma card facilities? Tiudzeio variku Zim.
Depends where you live and shop, in 2003 there was a terrible cash shortage in Hre and we’d use our debit cards muma shops, vana TM, Ok ne Spar. Uchigara zvako kune ma small shops asina such facilities unotongira pai?
Ma big supermarket branches eku high density anawo here ma card facilities? Tiudzeio variku Zim.