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Stanchart blames Covid-19 lockdown for cash crisis

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By Alois Vinga


STANDARD Chartered Bank (Stanchart) says that the ongoing cash challenges experienced by the bank’s Foreign Currency Account (FCA) Nostro holders were beyond the institution’s control.

Speaking to NewZimbabwe.com Business, Stanchart’s head of corporate affairs brand and marketing, Lillian Hapanyengwi said the ongoing Covid-19 induced lockdown period has negatively impacted cash imports.

“Standard Chartered Bank always evaluates how best to align its resources so we can serve our clients more effectively and efficiently.

“Ongoing disbursement of foreign exchange is dependent on regulatory prioritisation and the availability of foreign exchange cash notes at the time.

“As you can appreciate, the COVID-19 induced lockdown has resulted in some constraints in cash importation,” she said.

However, she said the bank’s valued clients could make both local and international foreign currency payments from their FCA Nostro accounts through SC Mobile App, Online Banking and straight to bank platforms within regulatory guidelines.

“We remain committed to the long-term interests of our customers in Zimbabwe, and to continuing to facilitate the development and growth of the economy,” she added.

This comes as the bank’s clients have failed to access cash since the easing of the Covid-19 induced lockdown, measures by government more than a week ago.

Some of the clients said since last week Monday, they have not been able to access any cash from the bank.

“I have been travelling from my farm which is outside Harare since last week and I have not received any cent from this bank,” said a disgruntled client.

“What hurts the most is that we are just told to wait outside and wait for cash deposits to come through but the bank (Africa Unity Square branch) officials get to the close of business without even updating us on what is happening.”