BASA: Damaged ATMs won't lead to shortage of cash
The Banking Association of South Africa (BASA) says there is enough cash in the system, despite the large amount of money looted from ATMs.
More than 1400 machines and nearly 300 bank branches were damaged by looters in KwaZulu-Natal and Gauteng during the riots earlier this month.
The association estimates around R20 million was stolen from ATMs at that time.
BASA managing director Bongiwe Kunene says the cost of replacing a single ATM is over R300 000.
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“Of the ATMs, 565 were in Gauteng and 650 in KZN. Of the branches, 126 were in Gauteng and 140 in KZN.
“Despite the disruption of cashpoints, I do want to stress that in the financial system for the country right now, there is currently no shortage of cash in the affected areas.
