Cash Crisis at Allied Bank: Citizen Report

HARARE – Cash shortages are said to be worsening in some parts of Zimbabwe with reports that banks are now planning a series of measures to limit withdrawals.

This picture by a Nehanda Radio Citizen Reporter captures a queue for cash at Allied Bank, Travel Centre branch in Harare with civil servants the most affected. “There was no cash since yesterday. The cash we got was from the deposits which were trickling in today,” the Citizen Reporter told us.

Some companies are even failing to pay workers their wages as they cannot withdraw large sums of money from their corporate accounts.  Indigenous banks have been the hardest hit.

Last year a company linked to wealthy former Mines Minister Obert Mpofu invested US$23 million to takeover the Zimbabwe Allied Banking Group (ZABG) which was threatened with closure after struggling to meet new minimum capital requirements. The bank was re-branded to Allied Bank Limited.

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