Zim bank queues lead to 'staggering' productivity loss - survey

(iStock)
(iStock)

Harare - Zimbabweans are spending an average of 2.5 working hours in banking queues every week, according to a survey conducted by Industrial Psychology Consultants (IPC).

"This roughly translates into $40m lost in wages paid to employees who are not productive every month, using a median wage of $520 per month.

"This will translate into slightly below half a billion US dollars per year if the cash shortages continue at the current rate."

In summarising the findings, IPC said the losses to employers will be much higher if the cash shortages worsen.

"If we add actual productive losses due to unmanned work stations, the losses are staggering," said IPC.

At least 83.8% of the respondents said they visit banking halls during working hours.

Zimbabwe has been going through a damaging cash crisis that has seen depositors joining bank queues as early as 03:00 to gain access to cash.

Zimbabwe is deep in the throes of a cash crisis that has resulted in some banks limiting cash withdrawal limits to as little as $20 per week.

Zimbabwe currently has $140m worth of bond notes, $23m of bond coins and an estimated $400m to $600m in circulation in the economy. 

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