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Zimbabwe: Disastrous Start to Cash Roll-Out
 THE Reserve Bank's project to introduce higher denominated bearer cheques yesterday got off to a disastrous start after the bank failed to deliver cash to financial institutions. Thousands of people were unable to get cash amid revelations that the central bank only started distributing the new bearer cheques to banks well after normal banking hours. By last night officials from banks were still at the central bank's cash office trying to get their allocations. "We only started getting cash at about 4pm," said a managing director with a local commercial bank.The central bank introduced $250 000, $500 000 and $750 000 bearer cheques and demonetised the $200 000 note claiming it was being hoarded by cash barons. Some banks were yesterday still issuing the $200 000 bearer cheques which go out of circulation at the beginning of next year. Long queues were still evident yesterday with most banks turning away clients who wanted to withdraw cash. Posted by: Fred 2007-12-22 |
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