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Zimbabwe bans cash transfer firms Zimbabwe bans cash transfer firms
(about 3 hours later)
Zimbabwe has banned 16 money transfer agencies from operating in the country, accusing them of abusing their licences by doing deals on the black market.Zimbabwe has banned 16 money transfer agencies from operating in the country, accusing them of abusing their licences by doing deals on the black market.
Reserve Bank governor Gideon Gono cited "non-performance and deviant behaviour" by most transfer agencies as reasons.Reserve Bank governor Gideon Gono cited "non-performance and deviant behaviour" by most transfer agencies as reasons.
Thousands were stranded at post offices and banks after discovering they could no longer access money sent to them by relatives abroad.Thousands were stranded at post offices and banks after discovering they could no longer access money sent to them by relatives abroad.
Illegal transfer agencies are still operating and so far unaffected.Illegal transfer agencies are still operating and so far unaffected.
Standard Chartered Bank and Stanbic were among the high-profile banks affected, as are agencies such as Western Union and Fedex.Standard Chartered Bank and Stanbic were among the high-profile banks affected, as are agencies such as Western Union and Fedex.
SurpriseSurprise
The government's own Homelink money transfer scheme remains unaffected and a few unnamed commercial and merchant banks have reportedly retained their licences.The government's own Homelink money transfer scheme remains unaffected and a few unnamed commercial and merchant banks have reportedly retained their licences.
ZIMBABWE CRISIS Life expectancy 30 yearsHigh dependency on food aid20% adult HIV prevalenceShortages of basic foodstuffsHigh unemploymentInflation 1,200% New high for inflation ZIMBABWE CRISIS Life expectancy: men 37, women 34yearsHigh dependency on food aid20% adult HIV prevalenceShortages of basic foodstuffsHigh unemploymentInflation 1,200% New high for inflation
Most of the estimated 3.5m Zimbabweans who live and work abroad have increasingly shied away from sending money through traditional routes because they only receive the official exchange rate - $250ZD for each US dollar.Most of the estimated 3.5m Zimbabweans who live and work abroad have increasingly shied away from sending money through traditional routes because they only receive the official exchange rate - $250ZD for each US dollar.
Informal transfers - either through agencies, other third parties and parallel market deals - give you almost five times more: $1,200ZD.Informal transfers - either through agencies, other third parties and parallel market deals - give you almost five times more: $1,200ZD.
Dr Gono said the transfer agencies whose licenses were suspended on Monday have until the end of the month to appeal.Dr Gono said the transfer agencies whose licenses were suspended on Monday have until the end of the month to appeal.
He also claimed that this latest move - a measure that caught many by surprise - would help in turning round the country's shrinking economy.He also claimed that this latest move - a measure that caught many by surprise - would help in turning round the country's shrinking economy.
But critics claim that the government is trying to bolster its failing Homelink scheme by getting rid of the competition.But critics claim that the government is trying to bolster its failing Homelink scheme by getting rid of the competition.
Has this financial measure affected you? If you would be willing to speak to the BBC News website about your experiences, please include a telephone number. It will not be published. Has this financial measure affected you? If you would be willing to speak to the BBC News website about your experiences, please include a telephone number. It will not be published.
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