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Satellite TV Is Fueling Zimbabwe's Cash Shortage: Central Bank

  • Country spends more on TV subscriptions than some basic foods
  • Banks told to settle domestic card transactions locally

Zimbabwe’s central bank said it is “illogical” and undermining efforts to stem a cash shortage that the country is spending more on satellite television subscriptions than on imports of the raw materials needed to produce cooking oil.

Zimbabwe is facing its worst economic crisis since 2008 as a liquidity squeeze has left companies unable to pay foreign suppliers and workers in cash. The economy probably shrank 0.3 percent last year and is set to contract 2.5 percent his year, according to the International Monetary Fund.