Harare, Zimbabwe - Recent Zimbabwe's banking sector has implemented new measures prioritizing foreign currency-generating exporters in cash allocations, as part of broader economic reforms to strengthen the country's forex situation. Trying to get cash in the country has been exasperatingly difficult for residents as commercial banks in the country give priority to corporations at the expense of individuals. Cash-stumped Zimbabweans, accustomed to queuing to make withdrawals whose limits have been progressively slashed, now face the prospect of not getting any cash at all. The Bankers Association of Zimbabwe announced the policy shift, aligned with Central Bank directives, aimed at building a sustainable foreign currency base. This will assist the country to build a sustainable foreign currency-earning base, it said. This strategic shift comes as a raft of incentives have helped boost Zimbabwe's export earnings which were about four billion U.S. dollars on September 29th, outstripping the entire 2016 receipts of 2.8 billion dollars. But the impact of that improvement is not being felt on the ground where --despite alternative transaction platforms -- people are still queuing for cash and will be adversely affected by the new guidelines. At various bank branches across the capital, residents have endured extended waiting periods, with some spending nights in queues. Economic experts emphasize the need for a balanced approach, arguing that in addition to long-term strategies such as cash priority lists, monetary authorities should also pursue short and medium measures. Zimbabwe is currently running a facility from Afreximbank to stabilize nostro balances. It's also engaging other international financial institutions to resume financial support programs. Shotlist: Harare, Zimbabwe - Recent: 1. Various of residents in long queue to withdraw cash at bank office; 2. Various of street, pedestrians, Barclays Bank building ; 3. Various of residents waiting to withdraw cash; 4. SOUNDBITE (Shona, dubbed in English) Client (name not given): "There are things that can't be paid for using swipe, little day-to-day things like vegetables from vendors and transport."; 5. Various of residents; 6. SOUNDBITE (Shona, dubbed in English) Client (name not given): "If I don't get cash today I won't be able to go home because I don't have money for transport."; 7. Various of residents sitting in shade, talking to each other, waiting for cash withdrawal; 8. SOUNDBITE (English) …
1 month ago 
