Bank queues get longer

HARARE - Banks and ATMs were, for the second day running, overwhelmed  by long queues of cash-starved depositors who scrambled to withdraw newly-introduced bond notes.

Long winding queues were witnessed at bank branches across the capital Harare, especially in the Central Business District. Similarly, people were seen impatiently waiting outside ATMs to withdraw money.

This follows the unveiling of the surrogate currency by the Reserve Bank of Zimbabwe which came into circulation on Monday as part of government’s assault on an acute liquidity crunch.

The move aims to bring more money into the formal banking system, stimulate exports and ultimately boost the economy.

Most commercial banks have continued dispensing to their depositors their usual $60 daily withdrawal limit in greenback and on top of that, if the client still wants more cash, they are giving out $50 worth of bond notes a day.

This has ignited a rush on the banks, while shortages of greenbacks and problems recalibrating ATMs to fit the new bond bills have seen hours-long queues form outside banks nationwide.

People, including the elderly and women, were queuing up in large numbers to get the promissory notes needed to meet their daily expenses.

The long queues are in stark contrast to the fears first exhibited by ordinary people when the RBZ announced it was introducing the bond notes to ease the liquid crisis.

Zimbabwe is battling serious economic problems — including dwindling exports as a result of low capacity utilisation which the RBZ hopes could be mitigated by the bond notes which have come in as an export incentive.

President Robert Mugabe’s government hopes that the introduction of bond notes and the success of the Statutory Instrument 64 which banned importation of basic consumer goods, will complement local industries in their effort to ramp up production.

Comments (7)

lets see what happens in January coz ts oo early to judge yet. and we do pray and hope that we not goin back to 2008

zivhu - 30 November 2016

The truth will come out soon as to the success or failure of the bond notes.

maud - 30 November 2016

The ATMs should dispense bond notes only. The daily limit should be increased. Those who want USD should access this in banking halls. I believe that can resolve these queues.

Dzvuke Muchaina - 30 November 2016

You can't rig an economy lol. We're heading for heavy inflation. All the goverment has done is to slow done the process by drip feeding bond notes.

Young Zimbo - 30 November 2016

Playing exactly into the hands of the establishment - long queues with limited bond withdrawals = printing infinite bondage notes.

Munhuwo - 30 November 2016

@zivhu.....I am afraid hoping and praying is not gonna help in this regard, I for one know what's coming, and that's HYPER-INFLATION, whether anyone likes it or not, that's what's coming. Your govt is gonna steal everything from people, it's called wealth transfer, it's an intended move kkkkk, tough times again guys!!

misty - 30 November 2016

As long as fundamental principles of economics are not addressed we will be going round and round in circles. This economy is grounding...or has it already grounded to halt; and as long as production in all sectors remains below capacity, imports are high and government expenditure uncontrolled, the bond notes will not address anything. Zimbabwe, brace for tougher times ahead!

Hwacha - 30 November 2016

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.