Forex shortages worsen in Zimbabwe

Forex shortages worsen  in Zimbabwe
Published: 12 October 2017 (306 Views)
The country's foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa's largest pay-TV company.

This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCard debit card, citing scarcity of forex, in a grim sign that dollar shortages were intensifying.

Zimbabwe's biggest banking group CBZ Holdings yesterday said it was suspending payments for DStv, which has become a major alternative to the soporific menu of ZBC TV.

The commercial bank advised its customers of the new development through an SMS.

"Dear Valued Client. We advise that DStv Payment Option will no longer be available on CBZ Touch from 11.10.17. Our apologies for the inconvenience caused," read the terse message.

CBZ joins several local banks that have suspended payments to DStv citing unavailability of foreign currency.

The suspension of DStv payments is also in compliance with the Reserve Bank of Zimbabwe (RBZ) priority list which guides the execution of all foreign payments for all authorised forex dealers in Zimbabwe.

Meanwhile, Ecocash advised it had suspended international transactions on its MasterCard debit card.

In a message to its clients yesterday, it said the development had been necessitated by the prevailing foreign currency challenges.

"We regret to advise that with immediate effect, Ecocash will be suspending international transactions on the debit card. However, with effect from 1 November 2017, we are happy to advise that you will be able transact with the debit card outside Zimbabwe upon prefunding your card at your nearest Econet shop.

"The card remains in use within Zimbabwe as all local limits remain unchanged. We apologise for any inconveniences caused, which unfortunately are beyond our control," read the Ecocash message.

- dailynews

Tags: Forex, Shortages, ZTV,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

I'm ready for it all, says Chamisa

by Takudzwa Chiwara | 16 January 2018 | 113 Views

Bitcoin tumbles as digital coins resume slide

by Bloomberg | 16 January 2018 | 72 Views

Challenges that have faced dialogue around Gukurahundi genocide

by Dumisani Mpofu | 16 January 2018 | 72 Views

Catholic Priest's cosy pic storm

by Staff reporter | 16 January 2018 | 124 Views

Approachable presidency, the panacea to national engagement

by Chigumbu Warikandwa | 16 January 2018 | 81 Views

Mugabe regretted firing Mnangagwa

by Staff reporter | 16 January 2018 | 247 Views

Haulage trucks prove to be dangerous on Zimbabwe roads

by Stephen Jakes | 16 January 2018 | 166 Views

'Criminal elements' around Tsvangirai should be removed

by Don Chigumba | 16 January 2018 | 131 Views

Zanu PF, MDC-T urged to investigate operations of Employment council

by Stephen Jakes | 16 January 2018 | 98 Views

Zanu-PF running scared in Mberengwa

by Staff Reporter | 16 January 2018 | 105 Views

Zifa cancels EGM?

by Staff reporter | 16 January 2018 | 73 Views

Bulawayo vendors blasts city council over harassment

by Stephen Jakes | 16 January 2018 | 68 Views

Open letter to Mrs Mnangagwa

by Gift Phiri | 16 January 2018 | 259 Views

Zanu-PF must pursue politics of the brain

by Staff reporter | 16 January 2018 | 63 Views

We must stop this culture of bootlicking

by Stephen Jakes | 16 January 2018 | 102 Views

There is not a moment to be lost

by Tapson Muchena | 16 January 2018 | 55 Views

Drama as sex workers fill up court,

by Simbarashe Sithole | 16 January 2018 | 147 Views

Zimbabweans in Namibia 'pay to see Mnangagwa'

by BBC | 16 January 2018 | 128 Views

'Gen Valerio Sibanda is a professional soldier'

by Staff reporter | 16 January 2018 | 267 Views

Mujuru not getting any pension from govt

by Staff reporter | 16 January 2018 | 168 Views

Mnangagwa denies stealing from MDC-T

by Staff reporter | 16 January 2018 | 146 Views

Monkey terror

by Staff reporter | 16 January 2018 | 179 Views

Whizzkid scores 20 points at A-Level

by Staff reporter | 16 January 2018 | 209 Views

Mnangagwa's China visit set for April

by Staff reporter | 16 January 2018 | 66 Views

US firm gets Zimbabwe BVR tender

by Staff reporter | 16 January 2018 | 115 Views

Govt revives Zimbabwe-Zambia railway line plans

by Staff reporter | 16 January 2018 | 82 Views

'Mnangagwa to soon roll out peace, reconciliation process'

by Staff reporter | 16 January 2018 | 73 Views

Businesswoman loses $60 000 goods to security guard

by Staff reporter | 16 January 2018 | 86 Views

5 up for $37,000 armed robbery

by Staff reporter | 16 January 2018 | 81 Views

Mahomed Mussa denies cash stashing allegations

by Staff reporter | 16 January 2018 | 148 Views

Mnangagwa says millions in externalised funds flow back to Zimbabwe

by Staff reporter | 16 January 2018 | 109 Views

'No victimisation in corruption arrests,' claims Charamba

by Staff reporter | 16 January 2018 | 82 Views

Civil servants January pay dates out

by Staff reporter | 16 January 2018 | 93 Views

ZRP regularly conduct lifestyle audits

by Staff reporter | 16 January 2018 | 84 Views

Man chops rival suitor's fingers with a machete

by Staff reporter | 16 January 2018 | 70 Views

Man pays lobola, kills wife 2 days later

by Staff reporter | 16 January 2018 | 183 Views

Tsvangirai illness throws MDC Alliance campaign off track

by Staff reporter | 16 January 2018 | 50 Views