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 HARARE,
29 May 2006 (IRIN) - Cash shortages have returned to haunt
Zimbabweans. Banks started rationing money last Friday,
allowing clients to withdraw only Zim$5 million (about
US$49) to avert crowd trouble, but most ran out of
mint-print, prompting desperate clients to form overnight
queues outside.
Last month the government awarded civil servants hefty
salary increases after the opposition Movement for
Democratic Change urged them to join planned future
demonstrations. Official sources said the recent 150
percent pay rise for soldiers, teachers, policemen and
nurses had put a strain on money supply.
Reserve Bank officials told IRIN that plans to print about
Zim$60 trillion (about US$592.9 million) were briefly
delayed after the government failed to secure foreign
currency to buy ink and special paper for printing money.
Inflation has shot to 1,042 percent and is still climbing
as the economic meltdown continues, putting Zimbabwe's
rapidly dwindling working class in an ever more precarious
position. Cash shortages were last experienced in 2003 and
only ended after the introduction of high- denomination
bearer cheques.
One bank manager stated: "We don't have enough money. The
best we can do is to share the little money that is there
among our clients," but added quietly, "As the manager I
can use my discretion and assist genuinely desperate
cases."
However, his voice was not low enough and he was
immediately surrounded by more than 20 people. "I need to
pay $40 million [US$395] at the hospital, $5 million
[US$49] is of no use to me," pleaded one man.
Another in his late 20s was equally desperate. "I need to
withdraw $200 million [about US$1,976] by Saturday to pay
the bridal price for my girlfriend, but at $5 million
[US$49] a day I will not have enough money on the day," he
lamented.
The manager, sweating profusely, escaped to the safety of
another office.
Margaret Phiri, 36, who teaches at a school 70km east of
the capital, was equally devastated.
"I had borrowed a total of $6 million [US$59] from friends
and I was supposed to pay them back this week after
getting my salary from the bank, but as things stand now I
am in trouble because those people expect me to bring them
their money, while I also need to get money to sustain
myself," she said.
A soldier who refused to identify himself could not hide
his frustration. "What do you think I will do with this $5
million[US$49]? It cannot buy much. I usually withdraw all
my salary at once, but now I am being given the burden of
coming to the bank again for more withdrawals," he
complained.
The soldier was followed by murmurs of: "The government
has failed," and "This is a sign of poor economic
management."
It took a long wait on the sidewalk in a temperature of 25
degrees centigrade before Given Maramba, a Harare
resident, reached the bank teller. "You really need nerves
of steel to endure the torture of those queues - I queued
for a solid three hours before I was finally served," he
said, brandishing a wad of notes.
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