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SOME ZIMBABWE SOLDIERS AND NURSES FAILED TO ACCESS THEIR SALARIES on Friday after a Mauritian company switched off its electronic payments processing system as Zimbabwe banks argue that they can’t pay in foreign currency because the facility is used to service mostly RTGS money.
The majority of Zimbabwean banks use Paynet, which is owned the Mauritian financial services provider Payserv Africa, to process interbank transactions. As part of the arrangement, the local banks pay the service provider in American dollars resulting in the standoff between banks and Paynet and the current service disruption.
“We regret to inform our valued clients that Payserv Africa have suspended Paynet services to all banks due to non-payment of service fees,” a statement by Paynet reads.
The International Monetary Fund (IMF) in its Staff-Monitored Program (SMP) for Zimbabwe said the value of banking sector assets had declined in real terms by 40% as of the end of 2018. As such, paying for Paynet services in foreign currency will worsen the situation.
A civil serveant said “I kept checking my balance and there was nothing and when I got to the bank I was told to check on Monday,” said a nurse.
The civil servants are worried that their salaries will most likely have lost value by the time they get paid.
“As soon as I get paid I buy forex on the streets because the RTGS dollar loses value almost weekly. If my pay could get me R1,000 on the streets by Monday it can only get me at most R900,” added the nurse.
By midday on Friday R100 was worth RTGS$60 while US$100 was in the range of RTGS$900.
“The rates go up faster when the demand is high. Civil servants pay days spike the demand,” said an illegal forex dealer. Source Sibusiso Ngwenya- timesliveINFORMATION IS POWER!-Thank you for the support. Please email all your articles, photos and breaking news, to firstname.lastname@example.org ,linkedin.com/in/sibusiso-ngwenya-563a572b or whatsapp to Mr Sibusiso Ngwenya 0044 79 3 9100534 for publication on the constantly growing online groups, currently standing as follows1)Zimbabwe News 4 us Zimbabweans 206,244Members2)ZIMBABWE NEWS, BUILDING A PROSPEROUS POST 2018 VISION 32,224 Members3) New Zimbabwe Vision group 18,708 members4) Newzimbabwevision.com website 22,802 likes22,796 followers.
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