2 Zimbabwe banks face closure, one has $4 600 in its account

Genesis Bank and Interfin Bank could be closed any time as they are broke with some customers being restricted to daily withdrawal limits of as low as $50.

A confidential RBZ report dated May 30 2012, which gives a breakdown of the banks cash reveals a pathetic state.

Genesis bank is said to be having just $4 600 in its RTGS account, $2 788 in cash (notes) and $1 090 in its nostro balances against $1 141 392 in loans and advances.

Interfin Bank has $105 489 614 in loans and advances against a paltry $3 567 in its RTGS account, $137 422 in vault cash and $98 483 in its Nostros account. This renders the bank technically insolvent as it has minuscule resources to fund demands from its customers.

Interfin could be placed under curatorship.

Recently, RBZ governor Gideon Gono  said the banking sector has $4 billion deposits and the country's financial services sector had loaned out $2,8 billion by mid-May out of the total deposits.

This comes after a survey commissioned by the Finance ministry revealed that 33% of the population does not save money due to limited banking products and high bank charges.

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