"Banks Still Refusing Individual Foreign Cash Withdrawals For Domestic Use"

Reports indicate that banks are still refusing to allow individuals’ withdrawals of cash from Nostro Foreign Currency Accounts.

A certain bank has reportedly sent an email to its management, saying that individuals should not be allowed to withdraw foreign cash until the authorities send a different circular or directive in the normal manner. Reads the correspondence:

Dear All

This update seeks to give clarity to the issue of cash withdrawals for individuals as follows.

The current policy being referred to is simply allowing withdrawal of foreign cash for permissible transactions under the new dispensation for example travel allowance outside Zimbabwe, prepaid cards for international use, etc; for which the bank will apply the normal KYC; AML/CFT standards before allowing such withdrawals to happen on a case by case basis.

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Foreign cash withdrawal for domestic use is not permissible.

Should there be any further clarifications or amendments to the SI 142 by the authorities, you will be advised as soon as such directives or circulars are issued and received in the normal manner.

Regards