“This Undermines Confidence,” Kanyenze Speaks As Forex Account Holders Fail To Withdraw Cash

Some Zimbabweans who hold foreign currency accounts (FCA) have claimed that they are facing challenges in withdrawing their money thereby worsening fears over the possibility of government invading the pubic’s accounts.

Zimbabwe has a huge shortage of foreign currency, a situation that has affected efforts to revive the collapsed industry.

Harare resident Fidelis Matiashe, who banks with a local commercial bank, told Zimbabwe Independent that he had encountered challenges in withdrawing forex from his bank. He said:

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I went to withdraw my money yesterday (Wednesday) as I have done over the years, but on Wednesday they told me that I will not be able to withdraw my money because it was sent via a transfer.

I tried to engage the bank over the matter with a view to understanding whether it was their new policy to do that, but I couldn’t get a proper answer.

Recently, the government allowed people to use forex to transact in the country and also urged its employees to open FCAs so as to receive their US$70 allowances, a move some consider as a huge step towards redollarisation.

Economist Godfrey Kanyenze said the challenges faced in withdrawing cash worked to erode public confidence in the banking system.

More: Zimbabwe Independent

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