Chronicle Editor
Senior Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has granted banks the nod to increase cash withdrawal limits for individuals from $5 000 to $15 000 per week.
Following a recent memo sent to banks approving the increases, banks have started sending messages to their clients notifying them of the same.
Under the new development, individuals and corporates have the option to withdraw the maximum weekly amount in a once-off transaction or in lesser amounts that shall not exceed the stipulated limit.
“Valued client cash withdrawal limits have been increased to ZWL5,000 daily, ZWL15,000 weekly for individuals and ZWL20,000 daily, ZWL100,000 weekly for corporates,” reads a notice sent to clients by FBC.
In the past weeks, the transacting public had been calling on the central bank to consider increasing cash withdrawal limits saying the weekly $5 000 cap is no longer convenient given the exchange rate movements.
The Apex Bank last increased cash withdrawal limits in February last year to $5 000 per week from $2 000, which is now not enough for weekly transport fares for one person.
RBZ Governor, Dr John Mangudya, has said the Central Bank will maintain a tight grip on monetary policy to keep inflationary pressures under check while ensuring sustained price and exchange rate stability.
derick.khumalo