Wednesday, January 07, 2004

Zimbabwe: banks running out of cash

I can't help but think of that cartoon image ... the one of a snowball rolling down the mountain, getting bigger and bigger.
With more than a third of country's 17 commercial banks unable to honour their customer's cheques, Zimbabwe's financial system is in its worst crisis.

For the last week, six banks - including one owned by the government - have been excluded from the daily clearing because they do not have the necessary cash to pay other banks. (link)