Published: 18 July 2017

The public has raised concern over poor monitoring mechanisms by monetary authorities as cash is flooding streets instead of it being in financial institutions.

Illegal cash dealers are experiencing a boom in business as they are holding on to hoards of cash which is no longer found in the banking sector.

The situation continues to frustrate the transacting public as they are caught in between due to cash shortages in the banks where they spend close to six hours queuing for cash withdrawals which at times they go home empty handed.

A survey shows that currency dealers are selling cash on different points at a discount around the city.

The public says the frustrating part is that all notes are found on the streets which shows lack of strong monitoring mechanisms by the central bank as well as financial institutions.

They accuse other business especially foreign owned shops for not accepting electronic transactions forcing them to look for cash.

The government is encouraging the use of plastic money which has been widely adopted by the retail sector.
- zbc

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