American Express ships out of Zimbabwe
American Express one of the major credit card and travellers cheque issuing group has stopped its services in Zimbabwe due to lack of business.
The credit card facility issues travellers cheques to all international travellers but on Friday it said it was pulling out of Zimbabawe and would no longer offer its top services to the cash strapped nation.
Kingdom Bank Limited on Friday said it would stop using the American Express Travellers cheques on Friday. It told all customers in a press release that was published in the media.
The move is said to be due to the soaring inflation in Zimbabawe and the worthless Zimbabwean currency.
The US greenback is currently pegged at about Zd 200 trillion to the Zimbabwe dollar such that it was useless to try and get international cheques using local currency, dealers said.
-VOP
Posted by Wellington Chadehumbe
on August 30, 2008. Filed under Financial News.
You can follow any responses to this entry through the RSS 2.0.
Both comments and pings are currently closed.
Socialize
Recent Comments