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June 11, 2008

Zimbabwe doubles daily withdrawal limit

by Richard Kilner

Story link: Zimbabwe doubles daily withdrawal limit

The Reserve Bank of Zimbabwe has increased the daily limit on cash withdrawals.

The limit, which had been $5bn, has risen to $10bn for individuals and companies.

The RBZ has also released advice to farmers, urging them to use increased revenue streams to invest wisely in preparation for the next farming season.

The central bank condemned the alternative, which it described as “unusually high propensities and exuberance to consume”.

Given Zimbabwe’s sky high inflation, shortage of cash, chronic unemployment and lack of basic goods, the central bank’s concerns about rampant consumerism are unlikely to be realised.

 

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