The Bankers Association of Zimbabwe(BAZ) has said that it is reconsidering whether banks should continue importing cash for depositors. Speaking a the Alpha Media Holdings Banks and Banking breakfast meeting in Harare yesterday, (BAZ) vice-president Benefit Washaya said,
…The cash is circulating somewhere. It is unfortunate that is not being banked, but the cash is there and this is fact. And, in terms of banks importing the United States dollar, something that we have always been doing since we went into a multi-currency, we now have to look at a situation where we say: what do we do?
We have got cash and you give it to someone, then that cash never comes back into the formal system or do we leave the resources that are sitting in our nostro for those who want to import raw materials? These are some of the decisions which have to be made and it is obvious what makes sense.
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More: NewsDay
It is the bank managers who give cash to numerous money changers cash and does not go back through the formal way.
Where is the cash in the streets coming from?, thats what these banks should be explaining to us.