Articles tagged 'cash shortages'

Stressed banks weep over cash shortages 20 May 2017 HARARE - Bankers yesterday broke their silence over the country's worsening cash shortages — confirming in the process that even bond notes are disappearing from the formal market, amid concerns that the surrogate currency is now being traded in neighbouring countries by unscrupulous dealers. ...
Tobacco farmers failing to get cash 18 April 2017 HARARE - Tobacco farmers are struggling to get their money at auction floors, as the country's severe cash crunch continues to worsen. This is despite the government's recent directive to banks to pay tobacco farmers $1 000 for their initial sales. Frustrated farmers who spoke to the Daily ...
Closure of diamond firms triggered cash shortages 15 April 2017 HARARE - The closure of diamond mining companies early last year has been cited as one of the reasons for the current cash shortages, investigations by the Daily News have revealed. Confidential documents seen by the Daily News, which are also set to be tabled before key government institution...
Zim drifts towards 2008 meltdown 26 March 2017 HARARE - Zimbabwe is drifting towards an economic crisis as severe as the 2008 economic meltdown which eventually led government to abandon the worthless Zimdollar after it was severely dented by hyperinflation, analysts contend. Banks are so short of cash that queuing has become a full-time o...
Bank queues get longer 30 November 2016 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. Si...
Massive load-shedding looms 22 November 2016 HARARE - Zimbabwe is set to be plunged into total darkness due to the worsening liquidity crisis in the country that has seen the national power utility failing to import adequate electricity. Zesa chief executive, Josh Chifamba, yesterday told Parliament that the power utility owed suppliers ...
Ordinary citizens lose faith in Mugabe 5 June 2016 HARARE - As food prices rise further beyond reach amid cash shortages, struggling Zimbabweans are losing belief in their president and his promise of a brighter future. The country has been hit by persistent cash shortages — but its leaders tell the people that adversity will make them stronge...
Back to 2008 all over again 2 June 2016 HARARE - With the country continuing on its precipitous economic decline marked by a biting liquidity crunch, worsening company closures, diabolic job losses, acute cash shortages, soaring basic food prices and looming mass starvation, Zimbabweans are fretting that the horror of 2007/08 has revis...
Mnangagwa blames Chinamasa, Mangudya for cash shortages 1 June 2016 HARARE - Vice President Emmerson Mnangagwa has blamed Finance minister Patrick Chinamasa and Reserve Bank governor John Mangudya for failing to improve cash distribution to banks. This comes as depositors have struggled to access money from banks while daily withdrawals have been limited to as...
'Limit cash withdrawals to $500 per week' 1 June 2016 HARARE - Zimbabwean banks are seeking approval from the Central Bank to slash cash withdrawal limits to $500 per week in an effort to stem the worsening cash crisis. Barclays Bank Zimbabwe managing director George Guvamatanga told a Catholic Archdiocese of Harare-organised meeting in Harare ye...
Cash shortages hit cooking oil sector 31 May 2016 HARARE - Cooking oil producers anticipate a 30 percent slump in production from the current 8 000-10 000 metric tonnes (MT) being manufactured per month, on the back of payment delays to the sector's suppliers. United Refineries chief executive Busisa Moyo last week told the businessdaily that...