12 °c
London
Saturday, June 25, 2022
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Zimbabwean banks use rand amid dollar drought

FurtherAfrica by FurtherAfrica
March 28, 2016
in Africa, Economy, Finance, Government, Zimbabwe
Reading Time: 1 min read
1.3k 98
1
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Zimbabwe’s cash crisis is so severe some banks are no longer supplying dollars and are dispensing South African currency, said the main opposition party, the Movement for Democratic Change (MDC).

Calling the crisis “debilitating”, the MDC said on Saturday that some banks had restricted cash withdrawals from ATMS and tellers. Cash shortages, a feature of Zimbabwe’s 2008 economic and political crisis, resurfaced at the beginning of March.

Significant job losses in 2015 and a slowdown in industrial activity have meant fewer people are using banks.

The Morgan Tsvangirai-led MDC said illegal money changers had resurfaced on the streets, charging stiff premiums for anyone wanting to buy US dollars.

“If this continues, shortages of goods will start appearing and queues might develop for fuel,” said the statement.

Zimbabwe abandoned its own currency in 2009 and now uses mainly the US dollar and the rand, although other currencies are also legal tender.

Source: BDLive

Related

Tags: currency devaluationfinancial crisisMDCRandus dollarZimzimbabwe
ScanSendShare560Tweet350Share98Pin126Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Tourism

Kenya and Mastercard signs MoU to boost tourism

by FurtherAfrica
June 24, 2022
Opinion: The consequences of Africa’s careless agricultural trade
Agriculture

Nigeria set for 1st National Agricultural Sample Census in decades

by Farmers Review Africa
June 24, 2022
Energy

The 10 most electrified countries in Africa

by Energy Capital & Power
June 24, 2022
Development

IMF discusses reforms and economic developments in Ethiopia

by Emmanuel Chilamphuma
June 24, 2022
Economy

Angola improves financial system

by FurtherAfrica
June 24, 2022
Angola Oil & Gas 2022
 
AFSIC 2022
 
Great Limpopo Transfrontier Park
 
MozParks

Translate this page

Read the Latest

Tourism

Kenya and Mastercard signs MoU to boost tourism

by FurtherAfrica
June 24, 2022
0

The MoU aims to drive the growth of tourism numbers in Kenya by leveraging various Mastercard channels, including its Priceless.com...

Read more
Opinion: The consequences of Africa’s careless agricultural trade

Nigeria set for 1st National Agricultural Sample Census in decades

June 24, 2022

The 10 most electrified countries in Africa

June 24, 2022

IMF discusses reforms and economic developments in Ethiopia

June 24, 2022

Angola improves financial system

June 24, 2022

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 73,051 other subscribers.

FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?