Zimbabwe banks drop withdrawal limits to $50

SOME banks have slashed cash withdrawal limits to $50 per day, while others are failing to offer clients their money as the cash crisis worsens in the country.

The acute shortage of cash has also seen traditionally bigger and more liquid foreign-owned banks reducing daily cash withdrawal limits from $300 to $200 while some indigenous banks are disbursing as little as $50 per day.

Most people had turned to supermarkets for the cash-back facility. However, some supermarkets have closed that option.

Businesspeople who receive cash every day have taken advantage of the situation as they are now offering cash to stranded clients for a fee.  Some unscrupulous bank officials are also cashing in on the crisis as desperate clients are now paying to withdraw more than the limit.