The Bankers Association of Zimbabwe (BAZ) says banks are currently prioritising exporters for cash withdrawals and foreign currency allocation over individual account holders due to the prevailing cash shortages.
Responding to questions at the recently held ZimTrade annual exporters’ conference held in the capital, BAZ president Dr Charity Jinya said physical cash – being bond notes and US dollar notes – is in short supply while nostro balances are also running low.
As such, local banks had a mandate to prioritise exporters who oil the economy, ahead of consumptive purposes. This, she said, would enable industry to increase production for the export market.
Zimbabwe has been experiencing foreign currency shortages since early last year resulting in long queues at banks. This has also led to the mushrooming of illegal cash dealers selling cash in the form of bond notes or the United States dollar at a premium. herald
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