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Are Bank Queues Resurfacing in Zimbabwe?

  • Chris Gande

Independent Economist Rejoice Ngwenya

Independent Economist Rejoice Ngwenya

Some banks in September reportedly enforced cash withdrawal limits of between $100 and $500 per day.

Some banks and finance institutions Friday experienced unusually long queues, sparking fears of cash shortages reminiscent of the pre-unity government days before the dollarization of the economy.

Some banks in a month ago reportedly enforced cash withdrawal limits of between $100 and $500 per day. However, these limits were later relaxed.

Some Studio 7 listeners in Harare said they waited in queues for more than two hours before being served.

However, independent economist Rejoice Ngwenya told Studio 7 there is nothing unusual about the long lines at banks this time of the year because some people, who might have received their bonuses, could have gone into panic mode.

Ngwenya said the situation will be back to normal in the next few days since not many people will be getting paid bonuses this year because of the current unfavourable economic condition.

β€œTo say that there is widespread panicking and chaos will be an exaggeration,” he said.
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