Currency chaos intensifies with debit cards suspended and ATMs offline

By Tererai Karimakwenda
18 August 2006

Zimbabweans trying to access their money Thursday discovered that all automated teller machines were offline and debit cards had been suspended. With 3 days left to change their old money to the new currency introduced by the Reserve Bank of Zimbabwe this month, many people found they have no access to any money unless they make it into their home branch. Shops and hotels are also not able to accept payment by debit cards because the system is offline.

In Harare Simon Muchemwa spoke to a bank manager who said they had been given a grace period from the 17th to the 21st to adopt their systems to handle the new currency. But the RBZ governor Gideon Gono did not make this clear to people when he announced the new monetary policy that dropped 3 zeros from the currency 3 weeks ago. Salaries for many Zimbabweans were processed this week and Muchemwa said very few people will have access to their money until after August 21st. Travellers who are nowhere near their home branch will also be stranded as they cannot access any money from the ATM machines.

Muchemwa has reported all along that there is much confusion regarding the switch to the new system. But the situation has worsened as the deadline approaches with major supermarkets refusing to accept old currency ahead of the stipulated deadline. Many banks also ran out of new notes this week.

Muchmemwa said there is much despondency and anger as people try to find ways to deal with ever changing situations and challenges from day to day. Gono said the conversion to new currency, which was dubbed Operation Sunrise, was meant to make life easier for Zimbabweans. So far it appears everything he has done was designed to do the opposite.