HARARE Jan 9 Zimbabwe's biggest banking group
CBZ Holdings has suspended the use of Visa cards
for local transactions due to high costs and cash shortages, its
chief executive officer said on Monday.
The Reserve Bank of Zimbabwe last November introduced a
"bond note" currency to ease chronic cash shortages, but long
queues have remained at banks, which have continued to impose
stringent limits on cash withdrawals.
Nyevero Nyemudzo said CBZ clients should from Jan. 15 use
local cards only valid in Zimbabwe and reserve Visa cards for
online purchases and when travelling abroad.
"We have told our clients it is cheaper for them because the
charges by Visa are very high and that is compelling enough for
out clients to restrict the use of the Visa card," Nyevero said.
Zimbabwean businesses, including mines, are struggling to
make payments for foreign imports due to the cash shortages.
The central bank says it has to date released $79 million in
bond notes, which it has hailed as a success.
(Reporting by MacDonald Dzirutwe; Editing by Joe Brock)