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JOHANNESBURG. – South African banks said yesterday that replacing 1 400 automatic teller machines (ATMs) vandalised and looted during recent violent unrest could take about two months.
As much as R20 million could have been taken, “however that is a rough estimate,” according to Bongiwe Kunene, managing director of the Banking Association South Africa.
Days of riots and looting earlier this month left more than 300 people dead and damaged thousands of businesses, including 269 bank branches.
Banks are still assessing the extent of the damage and developing recovery plans, with the indicative average replacement cost of an ATM at 385,000 rand, Kunene told a media briefing.
“We haven’t been able to add up the exact numbers of how much was in the ATMs that were looted. What we do know is we’re working with estimates which are close to R20 million, however that is a rough estimate,” Kunene said.
She added that despite the disruption of cashpoints, there is currently no shortage of cash in the affected areas. – Reuters.
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