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August 5, 2008

Zimbabwe increases withdrawal limit twenty fold

by Richard Kilner

Story link: Zimbabwe increases withdrawal limit twenty fold

In a bid to alleviate the dire economic conditions in Zimbabwe, the Reserve Bank has announced it is to raise the threshold that individuals can withdraw.

The limit on the amount of cash that can be withdrawn has been increased twenty fold from $10 ($100bn prior to the recent revaluation) to $200.

The release of new currency has led to even larger queues outside the country’s banks, a situation that the RBZ has blamed the banking sector for.

The central bank has urged Zimbabweans, particularly in rural areas, not to panic due to lack of cash.

Banks are not collecting it swiftly enough, the RBZ has claimed, meaning that there is enough cash to go around but there may be delays in it reaching regions further from the capital.

 

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