Saturday, February 11, 2017

Zimbabwe running out of cash in the wake of President Mugabe's birthday celebrations

Just days after we published that Zimbabwe's long time sitting President, Robert Mugabe is planning to spend $2.5mil on his 93rd birthday celebrations read here, major banks in Zimbabwe have announced a $50 withdrawal limit per day, as cash shortage deepens in the country.

The country has been battling with cash shortages since 2016, with authorities blaming the externalization of foreign currency, hoarding and other illicit financial outflows.

According to Zim News, banks such as CABS, ZB, National Building Society and Standard Chartered had reverted to giving $50 per day in either bond notes or United States dollars while some had run out of cash, forcing depositors to spend hours in queues. 

While Met Bank is said to be the only bank giving $300 weekly withdrawals to customers.

A CABS official who confirmed the $50 withdrawal limit said they did not have enough money hence they were forced to implement limits on withdrawals to ensure that they remain in business.

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