Govt To Review Bank Withdrawal Limits - RBZ Governor

Reserve Bank of Zimbabwe (RBZ), Governor Dr John Mangudya, has revealed that the central bank will review upwards bank withdrawal limits next week. The limits have been at $300 per week for over a year now.

Speaking on the sidelines of an interactive meeting convened by the First Lady, Auxillia Mnangagwa, involving monetary and fiscal authorities and female church leaders over the recently introduced Statutory Instrument 142, Mangudya said:

There has been concerns, because of high inflation, that the $300 per week is no longer sufficient to cater for people’s needs.

We are currently reviewing it and maybe next week after we would have gone through reviews with the banks, we can then put that in motion as quickly as possible,” he said.

The implications of reviewing the withdrawal limit is positive to consumers because after getting your money let’s say $400 or $500, you will now go and buy your products at cheaper prices because they say it’s cheaper to purchase in cash than in RTGS transfers or EcoCash.

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Mangudya also said that the government needs to develop a policy so as to address the selling of money on the parallel market. He also said that it was high time law enforcers were deployed to deal with illegal money changers. He added that members of the public need to report cases of new notes on the parallel market so that it can be traced.

More: The Herald