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This article participates on the following special index pages:
Withdrawal of businesses from Zimbabwe - Index of articles, opinion and arguments
American Express stops issuing travellers cheques in Zimbabwe
Violet
Gonda, SW Radio Africa
September 01, 2008
http://www.swradioafrica.com/news010908/amex010908.htm
One of the oldest credit
card and travellers cheques companies American Express has ceased
operations in Zimbabwe effective 1st September. The company which
issues travellers cheques to international travellers said it was
suspending its operations in Zimbabwe because of lack of business.
The news will deal a
huge blow to Zimbabweans already suffering hardships especially
the cross border traders who flock to neighboring countries to make
ends meet. This will also have an adverse effect on overseas travellers
who rely on the travellers' cheques as there are restrictions
on the amount of cash people can carry when leaving Zimbabwe.
Meanwhile the
Standard newspaper reported American Express had stopped operations
to comply with the regulations under the sanctions imposed by Western
countries on Zimbabwe.
Economist Tony Hawkins also wrote: "This is the first sanction
to affect Zimbabweans as a whole rather than targeted individuals
and organizations. Affected banks will now have to issue cheques
from other providers of the service."
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