STANBIC Bank clients in Bulawayo were on Monday surprised after the bank’s Automated Teller Machines (ATMs) rolled out South Africa rands instead of the United States dollar, raising speculation the country had resorted to use of rands as its main currency.
BY Nqobile Bhebhe
The South African rand is legal tender and is commonly used in the southern parts of the country.
The US dollar holds prominence though due to its reputation for stability and usefulness in international transactions.
Stanbic yesterday said the switch over had been caused by the poor condition of US dollars in its vaults.
However, the financial institution was quick to clarify the position to its clients.
“This is due to the current poor condition of bank notes we had that cannot be processed through the machines efficiently,” the bank said on its micro-blogging site, Twitter.
“You are assured of getting cash in the meantime over the counter from all our branches. The situation should normalise during the course of this week as we have sourced better quality notes.”
Zimbabwe introduced the multi-currency system on January 29, 2009 after the local currency had become worthless.