Banks Stop Accepting Telegraphic Transfers For Foreign Payments

The Association for Business in Zimbabwe (Abuz) has reported that some banks in the city of Bulawayo have stopped accepting foreign payment telegraphic transfers (TTs). Speaking to NewsDay, Abuz chief executive officer, Victor Nyoni said,

Some banks in Bulawayo have totally stopped accepting foreign payment telegraphic transfers. Some Abuz members are on the verge of closing down factories due to macro factors which squarely are the responsibility of the monetary policy authorities and government at large.

Businesses, through Abuz, are, therefore, calling for urgent roundtable engagement between government, businesses and other stakeholders to develop a new currency policy that speaks to the needs of all economic players in the country.

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya promised to look into the matter saying,

What they are doing is not banking. Banking is about financial intermediation. It’s not what we expect them to do. We shall, therefore, proceed to remind such banks to respect the banking public.

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