News / Local
Banks reduce daily withdrawal limits
03 Apr 2017 at 11:58hrs | Views
Several financial institutions on Monday reportedly reduced daily withdrawal limits to a mere $50 bond.
The Reserve Bank of Zimbabwe had set $100 bond as daily limits but the new $50 level has heralding another potential crisis.
The disbursements were in both bond coins and notes and not US$ bills.
"BancABC has reduced the daily cash withdrawal limit to 50 bond.
"The bank has stopped dispensing money via ATMs. The US$ has vanished" respected journalist @BrezhMalaba posted.
Bank officials at some outlets were requesting clients to make use of POS machines in shops with the view of them getting cash backs, at a cost.
Bond notes were introduced on November 28 as an export incentive scheme.
Zimbabwe has been facing foreign currency shortages since last year as shown by long, winding queues at banking halls and demand for cash-backs in supermarkets. Since the introduction of the multi-currency system in 2009, the United States dollar has been the dominant currency.
The Reserve Bank of Zimbabwe had set $100 bond as daily limits but the new $50 level has heralding another potential crisis.
The disbursements were in both bond coins and notes and not US$ bills.
"BancABC has reduced the daily cash withdrawal limit to 50 bond.
BancABC has reduced the daily cash withdrawal limit to 50 bond. The bank has stopped dispensing money via ATMs. The US$ has vanished.
— Brezh Malaba (@BrezhMalaba) April 3, 2017
Bank officials at some outlets were requesting clients to make use of POS machines in shops with the view of them getting cash backs, at a cost.
Bond notes were introduced on November 28 as an export incentive scheme.
Zimbabwe has been facing foreign currency shortages since last year as shown by long, winding queues at banking halls and demand for cash-backs in supermarkets. Since the introduction of the multi-currency system in 2009, the United States dollar has been the dominant currency.
Source - Byo24News
