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ZCTU Press Statement on the closure of Intermarket by the RBZ
Zimbabwe Congress of Trade Unions (ZCTU)
March 16, 2004

The Zimbabwe Congress of Trade Unions (ZCTU) is concerned over the abrupt manner in which the authorities at the Reserve Bank of Zimbabwe (RBZ) closed the Intermarket Building Society without prior warning to its customers.

While the ZCTU appreciates efforts by the new Governor of the Reserve Bank, Dr Gedion Gono, to clean up the mess in the banking sector, it is worried that employees at this company and depositors, most of whom are the poor majority, are always at the receiving end of the RBZ's action.

Of utmost concern are holders of accounts like burial societies, clubs and PUPS accounts who have been left in the cold by the sudden closure of the building society.

We are worried that these actions will effectively dampen the spirit of saving among Zimbabweans and thereby compounding the already bad economic situation in the country as many people will lose confidence in the banking system.

We call upon the authorities to make sure that depositors have access to their accounts in order for them to be able to conduct their business in a normal way. The government is also called upon to ensure that workers, particularly civil servants, who are paid through Intermarket get their full salaries without any prejudice.

The closure of the building society will mean that some workers will have to go for some time without getting their salaries and surely this is asking too much from workers who already find it difficult to make ends meet even when paid those salaries.

The ZCTU would like to urge the authorities to put the welfare of the workers as a priority and also endeavour to find ways of resuscitating the company for the good of all people involved and the nation at large.

Wellington Chibebe
Secretary General

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