19 January 2018
ED Shocker: Mugabe, 93, forgot he fired me
UK-ZIM: Mnangagwa exploits Brexit chance
MDC-T devastated by Bennet’s death
30 ZRP bosses fired, CIO spies too
Parliament: 11 G40 ministers, MPs fired
MDC-T’s Gutu scoffs at party HQ ban
Rule of law under threat – warns Mujuru
24 Nagle High girls up for O’Level fraud
SOE DEBATE: Privatise most parastatals
‘Mobile money tax will get dodger vendors’
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
Tendai Ndoro special - says Ajax coach
Zim cricket official charged with fraud
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
Standard Chartered Bank cancels use of international VISA cards
07/02/2017 00:00:00
by The Source

STANDARD Chartered Bank’s Zimbabwean unit on Tuesday cancelled the automatic use of its VISA cards internationally in response to a deepening shortage of US dollar notes in the country.

“We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect,” said the bank in a statement.

“This decision has been taken to ensure the best use of the increasingly scarce foreign currency resources which is disbursed in line with the priority list issued by the Reserve Bank of Zimbabwe if and when available.”

The southern African nation has been in the throes of a cash crisis since March last year as a widening deficit and a stronger US dollar, its adopted currency since 2009, weighed heavily on the economy.

Zimbabwe’s trade deficit has widened from an average of $400 million 10 years ago to $2,5 billion in 2015.

Analysts say the introduction of bond notes — a parallel currency — in November last year to circulate alongside other currencies and equal to the US dollar, has accelerated the flight of the greenback from the market amid doubts about the government’s ability to deal with the crisis.

In May last year, central bank governor John Mangudya announced a priority list to guide banks in making foreign currency payments.

The highest priority is being given to imports of critical and strategic goods such as basic food stuffs and fuel, health and agro chemicals that are not available locally.

Stanchart said clients travelling out of the country would have to apply for consideration to use the visa cards.

“Clients who wish to use their cards outside Zimbabwe may apply for special dispensation at least 72 hours before their date of departure,” the bank said.

“Customers are requested to submit evidence of all expected expenses to be incurred whilst travelling outside the country.”


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker