News / Local
'No one is struggling to withdraw money', Chinamasa
22 Dec 2016 at 13:06hrs | Views
Finance minister Patrick Chinamasa has claimed that no single bank depositor is struggling to withdraw money from financial institutions.
"Those who are withdrawing their money are the ones that have money in the banks. There is no one who is going to the queues who is not getting their money. All the people are getting the allocations that they are supposed to get' he told Parliament on Wednesday.
According to the parliamentary Hansard, Chinamasa said the Reserve Bank of Zimbabwe can not release too many bond notes at once as it would disturb economic performance.
"If we put US$100m right now, it will disturb the economy. You will not understand it.
"They found it prudent that the bond notes be released gradually and increase when the demand is higher like this festive season.
"It is not possible that all of it should be released into the market. It takes time".
RBZ has so far injected $29,6 million worth of bond notes into the banking sector.
Daily and weekly bond note withdrawal limits have since been increased to $100 and $300 respectively to ensure that the banking public is not continuously constrained by the lower withdrawal limits.
Prior to this, bond notes withdrawal limits were at $25 and $50 per day and $150 per week.
"Those who are withdrawing their money are the ones that have money in the banks. There is no one who is going to the queues who is not getting their money. All the people are getting the allocations that they are supposed to get' he told Parliament on Wednesday.
According to the parliamentary Hansard, Chinamasa said the Reserve Bank of Zimbabwe can not release too many bond notes at once as it would disturb economic performance.
"If we put US$100m right now, it will disturb the economy. You will not understand it.
"They found it prudent that the bond notes be released gradually and increase when the demand is higher like this festive season.
"It is not possible that all of it should be released into the market. It takes time".
RBZ has so far injected $29,6 million worth of bond notes into the banking sector.
Daily and weekly bond note withdrawal limits have since been increased to $100 and $300 respectively to ensure that the banking public is not continuously constrained by the lower withdrawal limits.
Prior to this, bond notes withdrawal limits were at $25 and $50 per day and $150 per week.
Source - Byo24News
