Zimbabwe: Apex bank increases withdrawal limit

Dec 22, 2016

This measure is to make cash available as withdrawal is expected to increase.

As demand for bond notes may increase during the festive season, the Reserve Bank of Zimbabwe (RBZ) has raised the bond notes withdrawal limit from $50 to $100 per day and $300 per week. Since Zimbabwe is facing severe cash shortage crisis, the measure is designed to make cash available to the people during the festive season when cash withdrawals are expected to increase. A statement signed by the RBZ governor, Dr John Mangudya said "we trust that this measure will go a long way towards making it easy for the public to transact during the festive season. The measure will also reduce cash shortage challenges faced by commercial banks due to low withdrawal limit on bond notes. RBZ has released bond notes worth $29million as part of the 5 per cent of export incentive scheme. As of 16th December 2016, a total of $6.2 million bond notes have been deposited by banking public.