Banks say no money was shipped out

Zimbabwe’s banking sector today refuted reports that about $700 million was shipped out just before the 31 July elections. The country is currently experiencing a liquidity crisis and this has been attributed to capital flight by those who were worried about what would happen after the elections. Bankers Association of Zimbabwe president George Guvamatanga said today: “There is no $700 million that left the market. We don’t know where the media is getting such information from.” He said banking deposits stood at $3.5 billion in May, $3.4 billion in June, $3.5 billion in July, $3.4 billion in August and $3.5 billion in September. “We are spending more than what we are producing. That is the problem and to solve it we need to improve our exports and bring in global players into our market,” he said.

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