Zimbabwe’s never ending financial problem appears to have worsened again as banks further restrict availability of money every day forcing poor innocent citizens to sleep outside banks waiting to withdraw their hard earned money.
The failure of so many banks combined with a general loss of confidence in the economy has led to a thriving black market where cash in bond notes and the now scarce us Dollar are being traded at exorbitant rates against bank transfers and other electronic money transfer systems such as Mobile Money from MNOs.[masterslider id=”3″]
Streets are filled with money barons illegally disposing the bond note at 15% whilst the US dollar note is sold with at 20%, without a choice one is forced to buy money as the banks are offering nothing.
“Swipe haibhadhare kombi kuenda kubasa everyday so I end ndakuita madhiri emari to get hard cash kubank kwacho it is a waste of time hauiwani mari despite the fact that you banked your money” said an (anonymous) street vendor.
After asking how Zimbabweans feel about the whole situation, Mr Nheredzo a primary teacher in Harare said “Apart from the government being inconsiderate of people’s suffering it appears the reserve bank helped create such a crisis because they are only allowing 30 dollars withdrawal in coins which is uncertain you will get.”
An endless queue of people patiently waits and sleeps outside banks hoping to get some cash and without doubt they don’t get it unless they go ‘kuvakomana vemari’ and get charged mercilessly.
The situation is a call for concern to the Zimbabwean government to take immediate action and solve the problem.