Stanbic Bank tell clients to use ATM cards for transactions

Thousands of bank clients continue to face challenges accessing their cash, with most banks still experiencing long winding queues.

Several banks are limiting depositors to maximum of $200 daily withdrawals.

Stanbic Bank has urged to use ATMs for withdrawals.

The bank took to twitter (@StanbicBankZW)  this Thursday morning to warn clients  on the continued cash crisis "Valued Customers,We are limiting daily cash withdrawals in order to mitigate against the current cash shortages.

"Cash withdrawals are up to $300 per day for personal accounts at ATMs and up to $1000 per day for business accounts over the counter.

"All personal account holders please ensure you have an ATM card to facilitate your ATM cash withdrawals and purchases via POS terminals.

"We continue to take measures to ensure a daily supply of cash to all customers; we trust you appreciate prevailing conditions in the market.

"We sincerely apologise for any inconveniences caused".

The central bank has announced plans to introduce bond notes to curb cash shortages.

The notes are expected in circulation within one-and-a-half months. RBZ governor, John Mangudya said the economy has too many leakages and the usage of the United States dollar has also exacerbated the situation, as Zimbabwe is now a major attraction for the greenback in the region, as regional currencies continue to soften.

Analysts suggested the introduction of bond notes has resulted in panic withdrawals, as people fear the government was reintroducing the Zimdollar through the back door.