RBZ speaks on new bank charges & continued bank queues despite introduction of bond notes

Speaking to The Sunday Mail, Reserve Bank of Zimbabwe governor  Dr John Mangudya said that the central bank is looking into doing away with fixed bank charges for ATM withdrawals. Mangudya said:

Banks are using a model where they charge a fixed fee for withdrawals at US$2,50 from Automated Teller Machines, regardless of how much a client is withdrawing. This has resulted in a mismatch between the cost of individual transactions and the money withdrawn by a customer. What we want is a model where the cost of withdrawal is proportionate to the amount of money that has been withdrawn. We are proposing that we move away from fixed withdrawal charges and move towards progressive charges that allow for financial inclusion.

He also spoke on continued bank queues which many hoped would be a thing of the past after the introduction of bond notes and said that the situation will improve soon when the notes start circulating. He said:

Queues at banks will start subsiding when notes begin revolving in the economy. When people and businesses begin banking their money, we will return to a situation of general equilibrium. It is a continuous process and one that we are monitoring closely. We will be publicising a report on the impact of the bond notes in two to three weeks’ time.

More: Sunday Mail

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