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Some officials, including soldiers and nurses for the most part, did not have access to their salaries Friday after a Mauritian company had disabled its electronic payment processing system.
Most Zimbabwean banks use Paynet, which belongs to Mauritian financial service provider Payserv Africa, to handle interbank transactions. Under this arrangement, local banks pay the service provider in US dollars. But a deadlock between the banks and Paynet resulted in an interruption of service.
"We regret to inform our valued customers that Payserv Africa has suspended Paynet services to all banks due to non-payment of service fees," reads a statement from Paynet.
Banks argue that they can not pay in foreign currency because this facility is primarily used to serve RTGS money. The International Monetary Fund (IMF), in its program monitored by Zimbabwe staff, said the value of banking sector badets had declined by 40% in real terms at the end of last year. As such, the payment of Paynet services in foreign currency will worsen the situation.
Some officials who had not received bank notice on payday approached their financial institutions to be told that a system error had been corrected.
"I checked my balance and there was nothing. When I arrived at the bank, I was told to check on Monday, "said a nurse.
Officials fear that their wages will lose value by the time they are paid.
"As soon as I get paid, I buy forex on the streets because the RTGS dollar is losing value almost every week. If my salary could bring me 1,000 rand in the streets by Monday, he could not bring me more than 900 rand, "said the nurse.
Friday noon, R100 was worth 60 dollars RTGS, while 100 dollars were around 900 RTGS.
"Rates go up faster when demand is high. Officials pay the number of working days to demand, "said an illegal currency dealer.
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