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Cash transactions decline massively

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Cash withdrawals from Automated Teller Machines (ATMs) dramatically plunged to US$41 000 in June from US$5,7 million in April, while point of sale (POS) transactions shot up by 92% as the country continues to experience its worst liquidity crisis since the adoption of the multiple currencies in 2009, statistics from the Bankers Association of Zimbabwe (BAZ) show. Zimbabwe’s unsustainable trade or current account deficit, poor balance-of-payment position as well as massive revenue leakages and an uneven distribution of liquidity in the market are the major reasons behind the prevailing serious cash shortages buffeting the economy. In May, the Reserve Bank of Zimbabwe (RBZ) said bond notes, which the apex bank sees as an option to ease the current cash crunch, will start circulating in October amid public outcry that government wants to re-introduce the demonetised Zimbabwe dollar through the back door. –  ZimInd

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