Thursday, 5 September 2013

CASH SHORTAGES LOOM AS BANKS LIMIT WITHDRAWALS IN HRE

Cash shortages are said to be worsening in Harare, with reports that banks are now planning a series of measures to limit withdrawals.

An investigation by SW Radio Africa indicated that some companies were even failing to pay workers their wages as they cannot withdraw large sums of money from their corporate accounts.

According to Harare-based correspondent Simon Muchemwa, indigenous banks have been the hardest hit.

“Since the elections banks have experienced sustained withdrawals as individuals and companies respond to the uncertainty that accompanies a ZANU PF win.

“A month after the election result there is still no Cabinet in place and such a situation doesn’t inspire any confidence at all so people are taking out their money and there are few deposits being made,” Muchemwa said.

In response, some banks are now limiting withdrawals to amounts ranging from $100 to $500 per day.

“Before the election, companies could withdraw as much as $20,000, but that is no longer the case, to the extent that some have been struggling to pay salaries.

“A director at one property development firm indicated that since July they have not paid wages in full because they cannot access the money from their bank.

“In some instances banks are asking some depositors to bring police clearance if they want to withdraw large sums, as a way of buying time because some of them fear going under if the panic withdrawals persist.

“And this makes it very difficult for people with children of school-going age to pay school fees, rent etc, and some parents I spoke to whose children attend boarding schools, said they have not managed to pay tuition fees,” said Muchemwa.

Following the announcement of the July 31st poll outcome, the Zimbabwe Stock Exchange (ZSE), suffered big losses amid reports that the ZANU PF government was going to re-introduce the Zimdollar.

Despite Reserve bank Governor Gideon Gono going around the country to try and reassure investors and depositors that this was not the case, it appears there is still skepticism about what ZANU PF will do next.

Muchemwa said: “ZANU PF continues to threaten foreign-owned firms and they have not really ruled out bringing back the much-hated Zimdollar and so as long as there is no clear policy on those issues, this has the potential of degenerating into another cash crisis of the 2003-2005 levels.” - SW Radio Africa News

 

62 comments:

Plastic money and internet banking is the way out...why pay cash wages in this day and age

Nhai Chingwadziso are you serious ne comment yako? Its Zim we are talking about not a 1st World country, baba vako na mbuya vanayo internt?

unokwira combi neplastic money here <chimbozviyedza unorogwa zvisingaiite

Pambili neZanu na Rose na Imwi naChinoz.100% indigenisation forever. Patakavhota takasainirana agirimende.Tonigai tione Zanu.Nyika ndeyenyu.To hiell with Western countries. Kikikiki.Munoti kutonga idambe? Kutonga handi kurima magaka emhunzwa.Chiaiyanai na Eriza naChematama.Handiti makahwinha?

Foresight is what we lack, banks and other companies should have encouraged the use of plastic money. Moda kushandisa cash isiri yenyu without a back up plan. Considering we do not print the USD this was bound to come.

Anokuvara ndiwe neni Bob and his crew are set.

EcoCash allows you to withdraw Wages through EcoCash Agents that have cash countrywide.

Agreed. EcoCash allows you to withdraw Wages through EcoCash Agents that have cash countrywide. You can also pay Bills and buy using EcoCash - so we do not need US Dollars.

Saka uri kuti kuZim hakuna maVisa, Mastercard, ATM Cards ne internet banking here? Wakabva kumusha riini, Tsitsi?


All this banking technology is already there in Zim..... problem is there are not many shops, such as supermarkets, transport service providers, police, Mudede, councils etc use the technology

The whole transport system is fvcked up...why should it not be possible to buy a monthly transport card in Harare

So a month after elections everything comes to a standstill because your whoring leader did not win? Seriously if you believe this you can believe anything........lol

Taurisa zvako iwe vanyatso kunzwa masupporter eMDC vanotaura kunge nhamo yacho ichaonekwa nevanhu veZanu chete........lol

you've been away from home for too long boy.

It doesnt solve the cash problem, does it?

i was there in May 2013....and yes, the transport system is fvcked up.


In any case, transport money for someone who works in the city should cost you less than $50 per month, u can pay kombi neEcocash....use of cash should be minimal. Rent should be paid with plastic money, school fees, bills etc the same.



Surely we have the basics in place to use plastic money and internet banking, instead of kuita shasha dzekushandisa whatsapp tichitumidzirana ma nude pics

"Maiti kurima inyore, muchiti gejo munaro" just singing

You are talking sense brother but the problem in Zim is people would rather keep hard cash than keep money in the bank because of the unpredictable economic situation. The banks and govt need to assure people and restore confidence first, coz seriously no one wants to wake up with their saved US$ turned into worthless Z$ overnight. Imagine that guy who was robbed by housemaids was keeping US$700 000 in a drawer, so the cash is there but its not circulating.

Tozviziwa kuti tese tinoona nhamo weZANu wakatove nani. Ndosaka taida ka kubvisa Mugabe kuti zvinhu zvirerukire tese, imi mukati Nikuv hero basa nhasi toyuwira...Inga zvakaoma

Ko!!! toidii USA yacho, chingunzai mazim kwacha atakajaira....

in order to have plastic money, do EFT, the money has to be in the bank ....thats where the problem is, people don't trust the banks, ridiculous bank charges, unpredictable and ever changing policies, some of them shutting down, GVT unpredictable preferd currency. Its a mess brother

Stop lying to pple. Banks in Zim right now can and will always allow u to withdraw cash if there is any in yo account. I am running a big company and have just paid our salaries without a hiccup. We deposit cash daily and withdraw as needed without any problems. Stop expressing yo evil wishful thinking as a fact. It's publications like this that cause innecessary panic. Come on get real and come off these malicious lies....

Stop burying your head in the sand.You do not live in Zimbabwe if you dont know that there are massive cash shortages at most indigenous banks with Metbank,Kingdom,POSB,Allied and Agribank being the hardest hit.


It is only the "foreigned-owned" banks that your party wants to forcibly grab that are fairly liquid.

Iyo ZESA ichidzima magetsi all the time ? Plastic money and internet banking require electricity machewe .....

Hanzi tonovhotera Bobo because anogona chirungu ndiwoka maconsequences ekuvhotera musangano weropa munokanga wire nenhamo.

So you agree that the sanctions are not targeted to just individuals but vanhu vese veZimbabwe? If this is truekuti kuma banks hakuna mari then it only means it is subotage, they just want Mugabe to fail. Manje anoshaya mari ndimi muri kupembera masanctions kwete Mugabe.

KO handiti munoti the elections were rigged ? Nhasi you have changed and now you are saying vanhu voted for Bob ? Make up your minds pliz

Sabotage from ani ? people are not banking their cash and the little that is in the banks is being withdrawn, by Zimbabweans !! not UK not USA ......

Ko madii kutonga makanyarara musinga tuke vamwe.

Atukwa ndeupi, kuudza munhu chokwadi kuti iwhore kutuka here.......lol

“A month after the election result there is still no Cabinet in place and such a situation doesn’t inspire any confidence at all so people are taking out their money and there are few deposits being made,” Muchemwa said. Muchemwa you are just showing how much you hate the victorious party and how much you wish Zimbabwe's economy crumbles. Tsvangirai delayed the formation and announcement of the new Cabinet by his baseless challenge to his crushing defeat. Are you not aware of this simple truth Muchemwa???. Be honest and truthful in your utterances so that God can bless you.

So people only banked their money because MDC was muGNU? So how is the bank going to function if you withhold your deposits? is that not sabotage? Is that not setting Mugabe to fail, as if he will not get money because vanhu varega kuisa mari kubank. Anoshaya mari ndiwe.

Ko madii kutongwa makanyarara musingareveri the whole world nhema about the elections being "...a monumental farce...stolen...rigged...Nikived...etc". All this meant to give your "friends with money" an excuse to perpetuate illegal sanctions.

Saka munovhundukei kana makahwinha zvisina kupokana? uyezve zvinebasa rei vakaziva , handiti munoti hamuna basa navo nemari dzavo? kasi hamuna kwenyu here kana kuti kwava kuchembera?

How many whores are in ZANU-PF LUCIFER. Tibvire apa. Sabotage kudii kwacho. Tati tingaii makanyarara since makawhiniswa neNIKUV. Ngaiunze ka mari iyo NIKUV yenyu. When one takes out what they have rightly worked and earned should it be a crime and equated to sabotage? Kumwe kusafunga kunorwadza.

VanaRose varikutofunga zvekuburner vese nanaImwi, ndozvavaichemera ndizvo zvauya nababa Mugabe, tambirai tambirai

Muchamama. Tiri kudzokera pa same spot as 2008, and this time there will be no GNU.

Kwako kusafunga ndiko kunotorwadza. Kutonga Zanu ichatonga uchida usingade. Uchamirira mari kubva kuNikuv kusvika madhongi amera nyanga.......lol

Imi vana Jojo muchitoti rota kudzimba dzenyu.........lol

Saka how do people get money from banks when there is no electricity?

So what are you prating about? Shame on you little LUCIFER. The days of reckoning are soon approaching. Uchasura dota nenhamo. Tongai tione. and do not give excuses about sabotage. Ethically and morally ZANU-PF LUCIFER is bankrupt and some of us who fear GOD will never want to be associated with a party that rapes, kills, maims, torture and steal just to stay in power. Playing Gid with people's lives because its ZANU-PF. May God save you and have mercy on your blindness

Painenge ichirova nhamo iwe unenge uri pai zviya? Uchatuka kusvika waneta asi haundizivi zvakanaka kani.........lol

Chigwadziso, its not that simple. Plastic money has to be backed up by real money. If the money is not in the bank you can't put it onto plastic.
Gvt could create money (also devaluing it) by printing more money as they used to do.
Trouble is that this is not zimdollar. They can't print US dollar. They can't devalue US dollar. It's not theirs to tinker with.

Ndezvako izvo! That's my story and I'm sticking to it! Kkkkkkk

Ah zvatanga, apo Madhende cabinet haisati yavapo, vamwe huku dzaakubvira, veduwee, Nikuv yakati kuuya iyi!!!

Vasingaoni vanonetsa because they live a very artificial life and think that they world operates the way theirs operates? Kana cash yonetsa zvinoreva kuti institutions dispensing cash will at some point be affected too. Logic zero pane vari pamusoro apo.

Well your story is not true.

Of course stick to your warped imagination. Nobody would be able to straighten your pea sized brain

Uyu and shungu coz akachekwa ma.....hence the frustration. Sorry zvako

uri mukosho wemunhu. since when has ku withdrawer your hard earned cash amount to sabotage?
Should i loose my hard earned cash to zanu pf morons? there is a precedence that people have lost their cash before due to zanu pf mismanagement. When mdc was in gvt we knew our monies were safe. now we know zanu is alone in gvt and we know its hopeless. you are such a fool.
Zero brain power mbare chimurenga type, magaro anopisikwa nemashizha

taura hako sha unonyatsoona kuti some people are just hopeless. iko kunoshandwa ndekupiko kwekuti 24/7 munhu anenge aribusy apa chataurwa shaye. she reminds me of some kids i taught when i did temporary teaching at some rural school before varsity, and i was teaching zjc and o level maths--- i once cried before the maths hod thinking that maybe it was me using wrong methods, only for him to tell me that the previous year at O level- EVERYONE GOT A U. ndo typoe dzacho ana Rose ava. hannzi ukatora mari YAKO uchitya kuiruza waita SABOTAGE!!!!!

iiii hudofo hwacho amai , manje so!!! need i say more? when you pay in ecocash what currency will be the bills you are settling???

Banks have generators to ensure their systems are not corrupted by sudden power cuts - i worked for Stanchart and we always had stand-by generators. Now the same cannot be said of the countless places where you could use your plastic money .......or access the internet ........

Ndine hurombo ndinodzoka ndokanganwa kuti ataura chipi ndeupi nekuti mafollowers angu makawanda. Ndiwe here wamboti ndirimbwa zviya? Iko zvino wachinja make up your mind kuti ndiri chii.........lol

Samusha kambani yenyu hombe inonzi chii? Hapana chakaipa nekuzivana. Ine over 250 employees here? Kungobvunzawo ndine kapepa kandirikunyora kanoita nezvebusiness.

it is now over 21 days after morgan withdrew his so called appeal. its over 3 weeks and counting. usafunge kuti hatione zviri kuitika. zanu is scared of forming gvt coz they know no-one will have confidence in the likes of recycled failures like didymus, chinamasa, mnangagwa, sekeramayi etc

usatambise mashoko ako paumhutu hwakaita sa guest uyo.

Koko u r a nitwit. Some of us are active members of the business society and are true movers of the business pedestal . It's really half witted to call reality 'warped imagination'. Anyway, not much is to be expected from an empty headed shell named Koko.....

We do carry a staff complement of 189 and wud never blush calling it a big org by any standard in Zim. We r a techno chip company. It wud help to mention yo publication and we may just foster a working relationship.....

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