Cash shortage hits Zim

Zimbabwe has once again been gripped by cash shortages as financial institutions fail to meet the daily demands for cash.

Long winding queues have become the order of the day as people wait for hours on end for cash. Some financial institutions have resorted to rationing cash by bringing down maximum withdrawal thresholds introduced by the central bank.

In a bid to curb rampant money laundering, the central bank introduced withdrawal limits - ZW$40 million for corporates and ZW$20 million for individuals. Banks reduced these to ZW$20 million and ZW$5 million respectively.

According to reports, the central bank has adopted a wait and see attitude but has however promised Zimbabweans that there will be enough cash to meet festive season's needs.