Zimbabwe customers storm bank after it runs out of cash

Zimbabwe customers storm bank after it runs out of cash
 
 
Harare (AFP) - Angry depositors forced their way into a banking hall and attacked a manager in the Zimbabwean capital on Monday after the bank ran out of cash, witnesses said.
 
 
A witness, who refused to identify herself, said the depositors were waiting in a queue outside the bank in central Harare when a quarrel broke out with the manager at Allied Bank, one of several battling to pay out deposits.
 
"The bank manager confronted a customer in the queue who shouted at the manager querying where their money had gone," the witness said.
 
"The people got angry and started shouting at the manager and kicked the door of the banking hall where the manager had retreated. They scattered when a (bank) security (guard) fired teargas."
 
Another witness said he heard angry shouts and some thuds while he was standing across the road.
When AFP went to the scene, riot police were milling around the area, while shards of glass were strewn at the bank entrance.
 
Allied Bank chief executive Stephen Gwasira apologised for the incident blaming it on "prevailing cash shortages" and said the bank was "making aggressive efforts to address the challenges".
 
The bank is among several battling to stay afloat as Zimbabwe's economy continues on a downturn and the number of people still able to put savings in the bank are dwindling.
 
In recent weeks the bank has been limiting daily cash withdrawals to $50 (37 euros) resulting in queues at most of the bank's branches.
 
Police were not available for comment


http://news.yahoo.com/zimbabwe-customers-storm-bank-runs-cash-215209356.html

Yea, and they are going to RV their non-existent currency .... un huh ... sure. 

Kevind53 wrote:Yea, and they are going to RV their non-existent currency .... un huh ... sure. 

OMG KEVIN !!   WHAT DO WE DO NOW ????

I HOPE ALL THOSE NITWITS WHO ACTUALLY BOUGHT THE Z READ THIS !!
THEY MAY NOT HAVE TO GO TO THE STORE TO BUY TOILET PAPER FOR QUITE SOME TIME NOW >>>>

SO KEVIN , YOU ARE PRETTY SMART : WHICH WORTHLESS CURRENCY SHOULD THE GOOOROOOS NOW PROMOTE ???  I SEE THEIR IDEAS IN THAT DEPARTMENT HAVE RUN DRY.   I VOTE FOR IRAN'S CURRENCY AND PERHAPS NORTH KOREA ??

ONE SIDE NOTE THOUGH I DON'T RECALL OKIE EVER PUSHING THE Z ??
MAYBE HE HAS HIS LIMITS ON HOW LOW HE ACTUALLY SETS THE BAR ??

Man, it is a target rich environment. So many currencies in the toilet, so little time. Iran is definitely a possibility at almost 25K/usd. But maybe we could bring it closer to home, Venezuela's got to be near the top of the list with an inflation rate in the triple digits, North Korea would definitely be in the hunt, with their currency's real value at 1/60th the official value. Perhaps Argentina, they're not down the hole quite, but are definitely circling the drain. Hey, why not Syria? Maybe Yemen? Gosh there are so many guru worthy currencies.

Kevind53 wrote:Man, it is a target rich environment. So many currencies in the toilet, so little time. Iran is definitely a possibility at almost 25K/usd. But maybe we could bring it closer to home, Venezuela's got to be near the top of the list with an inflation rate in the triple digits, North Korea would definitely be in the hunt, with their currency's real value at 1/60th the official value. Perhaps Argentina, they're not down the hole quite, but are definitely circling the drain. Hey, why not Syria? Maybe Yemen? Gosh there are so many guru worthy currencies.

GREAT LIST KEVIN !!!

GURUS AND PUMPERS ; ARE YOU PAYING ATTENTION !!!

I am one of those nitwits lol!! It was soooo cheap it doesn't really matter if it rv's or not. It will go into an album with the rest of this usless currency for my grandkids. I mean before this I sure as hell had not seen any ZWD, IQD or Dong so now my grandkids will! No biggie!

alleyrose wrote:I am one of those nitwits lol!! It was soooo cheap it doesn't really matter if it rv's or not. It will go into an album with the rest of this usless currency for my grandkids. I mean before this I sure as hell had not seen any ZWD, IQD or Dong so now my grandkids will! No biggie!

BOOOOOO  !!!!
Are you going to buy any of those on Kevin's list ????

LOL probably in the new year I will buy some yes. I mean if nothing else it's interesting to see other currencies of the world!

What is kind of sad is that I am in Africa on a relatively regular basis and my last trip was to Zim and as an after thought I asked my guide if I could get some Zim currency to take home and he said oh yeah hang on and walked back in with a pre banded stack of all the bills ready to go, he said it is such a novelty that he keeps the little bundles on hand for the American's that come through.  but yet the locals can't get their hands on it (its because its all here waiting to RV!!)

dinarstocker wrote:What is kind of sad is that I am in Africa on a relatively regular basis and my last trip was to Zim and as an after thought I asked my guide if I could get some Zim currency to take home and he said oh yeah hang on and walked back in with a pre banded stack of all the bills ready to go, he said it is such a novelty that he keeps the little bundles on hand for the American's that come through.  but yet the locals can't get their hands on it (its because its all here waiting to RV!!)

It's my understanding that it's use was officially discontinued by the government after they were unable to control inflation. From my reading it's status is "suspended" with no plans to reinstate it any time soon. Any other currency is currently accepted as legal tender with most using the USD, Pound or Euro.

I don't get how a currency can have that many 000s to begin with...and then to be able to but a 100 trillion ZWD for like $10...even with six 0s taken off theres no way it could be worth more than a fraction of a cent IF it ever did RV