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Cash shortages in Zimbabwe persist over Christmas holidays

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In November, Zimbabwe’s central bank promised to release Z$1bn to ease the country’s cash crunch but has only released a fraction of that

Cash shortages persisted in Zimbabwe the day before Christmas, with many citizens saying they were unable to withdraw money for the festive season, despite spending several hours queueing at banks.

The country is grappling with its worst economic crisis in a decade, marked by triple-digit inflation and shortages of food, electricity and fuel. Many Zimbabweans have resigned themselves to having a bleak Christmas, with the country suffering its worst inflation levels since 2008. On Tuesday, there were long queues at most banks visited by Business Day in Harare, with many people saying they were yet to get cash, even after spending the night waiting.

Speaking in parliament last week, finance minister Mthuli Ncube conceded that cash shortages still exist but will ease when the treasury releases a new batch of larger-denomination notes. The highest denomination available now is Z$5 as the numbers have been kept low to manage the country’s rampant inflation.

 

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