The February Purchasing Managers’ Index data released by Stanbic IBTC Bank showed that cash shortages across the country in the month of February might have a severe impact on the private sector midway through the first quarter of the year.
“The headline PMI dropped below the 50.0 no-change mark in February, posting 44.7 from 53.5 in January. Business conditions deteriorated markedly, ending a 31-month sequence of expansion. “The most severe impacts of cash shortages were seen with regards to output and new orders, which both fell substantially as customers were often unable to secure the funds to commit to spending.
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