Zimbabwean banks have once again run out of cash with cash queues slowly emerging, signifying the beginning of yet another cash crisis.

$10 Million Bearer Cheque

Banks are also now issuing out lower denomination (old) notes as they have run out of the recently introduced higher denomination notes.

In the capital, only one Beverly Bank branch- Chinhoyi Street had cash.

Martha Sachikonye, a customer in a queue at Chinhoyi branch indicated she spent most of the time looking for a branch with cash.

“I was in a queue at the Samora Machel Branch and the bank officials announced they had run out of cash,” she said.

Zimbabwe has experienced a severe a cash crisis from late 2007 to end of January this year. People had to spend almost the whole day in queues or wake up early to join queues.

Sachikonye adds she was surprised and shocked at the same time to learn of this development which reminds me of the cash crunch which hit the country last year and only ended sometime in January this year.

A Beverly Bank official says they did not receive any cash today (Friday) from the Reserve Bank of Zimbabwe (RBZ).

“The money which was being withdrawn by people today is yesterday’s,” he said.

Zimbabwe's cash problems date back to 2003, in which many locals had to wake up as early as 4am to get a place in bank queues. The RBZ governor, Gideon Gono has always resorted to printing more cash in an effort to solve the problem.

Banks are also now resorting to giving people $500 000, $200 000 and $100 000 because they have run out of the recently introduced $10 million, $5 million and $1 million notes.

At the Zimbabwe Allied Banking Group (ZABG), stacks of lesser denomination notes could be seen behind bank tellers.

As one individual complained that he could not take home the daily maximum withdrawal of $500 million in the form of $500 000 notes, the teller quickly responded that is the cash they have.

“These are the notes coming from the Central Bank, unless if you don’t want them and come again tomorrow and check if we have higher denomination notes,” he said.

All banks entailing Barclays, Stanbic, Standard Chartered, CFX Bank, Kingdom, NMB Bank, ZB Bank, MBCA, ZABG, FBC, CBZ, Agribank, ABC Corporation, Genesis, Premier, Interfin and Renaissance, CABS, Beverley, FBC BS and Intermarket were cited as being in trouble.

Other banks where queues have emerged entail Barclays, Stanbic, MBCA and Agribank.

Around the city, many people could be seen carrying bricks and plastic bags of money.

For some time now, if cash is available at any bank, the bank omits the Automated Teller Machines (ATMs), opting for clients to be served inside the bank.

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