American Express has announced that it will suspend the sale of it’s traveller’s cheques in Zimbabwe, this follows a review of it’s services in the country. American Express Travel, says they will suspend the sale of it’s traveller’s cheques in the country with effect from 1 September 2008.
Kingdom Bank, announced in a notice to it’s customers that, following a review by American Express of it’s operations in Zimbabwe, they notified the bank of intentions to suspend operations in the country.
“Accordingly Kingdom Bank will effectively suspend the sale of American Express Traveller’s cheques by close of business on 30 August 2008. The bank is looking at alternative products to offer in place of the American Express Traveller’s cheques and will be advising customers in due course.” the bank said in a statement.
This is yet another blow to the country economy and to the troubled tourism sector which has been severely affected to the continued political crisis in the country.
Sources in the banking industry say America Travel Related Services Company has stopped their operations in the country to comply with the regulations under the sanctions imposed by Western countries on Zimbabwe.
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