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  3. Zimbabwe’s banking sector has been hit with massive withdrawals by risk-loath

Zimbabwe’s banking sector has been hit with massive withdrawals by risk-loath

游客2023-12-26  57
问题    Zimbabwe’s banking sector has been hit with massive withdrawals by risk-loathing depositors over the past five months, with banking sector sources indicating that reports of a return of the domestic currency have further unsettled bank customers. The Zimbabwe dollar was banished from circulation in 2009 to stem a hyperinflationary crisis that plunged the economy into an unprecedented catastrophe characterized by commodity shortages.
   A source from one top bank said since December last year, most businesses have been transacting in cash and avoiding the banking sector. He said this is likely to have resulted in an overall shrinkage in deposit levels within the banking sector. "I have not noticed any panic withdrawals as a result of reports of a Zimbabwe dollar return, but since December, many people have been preferring cash transactions and avoiding banks," said the source.
   Total banking sector deposits amounted to US $ 473 billion as at December 31, 2013, according to latest statistics from the Reserve Bank of Zimbabwe(RBZ). This was an increase from deposit levels of US $384 billion in June 2013. Deposits have since the adoption of a hard currency economy grown slowly due to a combination of factors. These factors include low deposit rates being offered by banks, which the RBZ says have conspired with high bank charges to militate against efforts geared at broadening the country’s deposit base.
   An acceleration of deposit withdrawals is likely to worsen a liquidity crunch in a country desperate for cash to revive an economy back in intensive care after stabilising briefly when government adopted a hard currency regime. Another banking sector source said liquidity in the banking sector was "gradually thinning. " He suggested that this could have something to do with reports of the Zimbabwe dollar’s resurgence.
   Panic over the comeback of the Zimbabwe dollar would be regardless of assurances from government that it would not bring back the local currency into circulation soon, despite a liquidity crunch certain to impede government business unless a rescue package is secured. Another banking sector source said deposits were plummeting due to significant withdrawal levels by the corporate sector. [br] The phrase "militate against" underlined in Paragraph 3 is closest in meaning to______.
选项 A、ameliorate
B、deteriorate
C、launch an attack against
D、conflict with
答案 D
解析
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