Dejavu: Banks ‘forced’ to revisit local USD transfers, created more USD balances than available greenback
Harare- TOP local banks have been compelled to employ contingency strategies in the face of a runaway inflation and volatile economy resulting in them (banks) technically paralysying local transfers of the greenback ,Express Mail Zim can authoritatively report .
After the floating of the exchange rate , the market suffered major distortions and some banks were caught offside creating USD balances than the actual available hard currency forcing them to logically adopt the latest stance for survival and ensuring depositors protection.
” Local transfers of USD are literally dead .Banks have more USD balances than hard cash,” opined an economic analyst who spoke on condition on anonymity.
In a communique released Thursday,Bancabc bank announced the change of operational modalities on cash management and the move included conditional redeeming of cash withdrawals exclusively done against cash deposits or incoming Telegraphic Transfer (TT) which will be approved by the branch manager to avoid possible loopholes.
“Cash withdrawals must be done against cash deposits or incoming TT receipts only and the threshold limits are that requests below US$500, approvals should be done by Branch Manager/Team Leader.
” For cash withdrawal requests above US$500, branches should send request to Treasury Front Office for approval and attach customer statement
“Kiosks should send all cash withdrawal requests to Roving Team Leader/Supervisor and adopt above threshold limits,” read part of the circular by Bancabc which is also faced with a massive exodus of employees since former chief executive Lance Mambondiani’s unceremonious departure which was hot on the heels of yet another possible booting at Steward Bank.
Express Mail Zim is reliably informed that circumstances surrounding his Bancabc departure involves his alleged irregular involvement with a human resources consultancy company called Hatch Talent and new management has reportedly since terminated contracts for the bulk of employees who came through that agency.
The bank further advised that branch management should check and verify source of funds by spooling customer statement before authorising cash withdrawal requests.
“Cash withdrawals against RTGS incoming Nostro FCA transfers are prohibited.
The bank also categorically states that prepaid VISA Card/Mastercard, prepaid deposits must be done against cash deposits or incoming TT receipts only.
“Account transfers from Nostro FCA accounts into Prepaid VISA Card/MasterCard Prepaid Cards are prohibited.
“Telegraphic Transfers (TT) payments must be done against cash deposits or incoming TT receipts only.
” TT payments against RTGS incoming Nostro FCA transfers or internal Nostro FCA transfers are prohibited.
The seemingly 2008 reincarnate economic situation has seen a spike in prices of basic commodities and fast eroding salaries for the majority of citizens who earn rtgs.
Finance minister Mthuli Ncube has however assured citizens that things are in order in a viral video where he declared in vernacular that “zvinhu zvakarongeka”.
Meanwhile, poll dates have been set for August 23 and some political analysts submitted that elements who wanted to derail the good intentions of the ruling part were at play.
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