RSS 2.0 FeedDecember 2009 Volume 16, Business , Financial and Property Indaba
Biti Explains Cash Shortages
Harare — FINANCE Minister Tendai Biti yesterday said cash shortages affecting some financial institutions were spawned by an unexpected surge in demand and not a result of liquidity problems.
Harare — FINANCE Minister Tendai Biti yesterday said cash shortages affecting some financial institutions were spawned by an unexpected surge in demand and not a result of liquidity problems.
Since last week, scores of people have failed to access cash at most banking halls bringing back memories of last year when getting money from banks was a nightmare with many people spending nights at their banks.
The hyperinflationary environment that existed last year made it difficult for the RBZ to satisfy demand for cash from the public as prices continuously rose.
The increase in the prices also resulted in an increase in the demand for cash.
The queues have, however, disappeared following the adoption of the multiple-currency system that came into effect in February this year.
