LATEST: Bond Notes Withdrawal Limit Increased

The Reserve Bank of Zimbabwe has with immediate effect pegged maximum withdrawal limit of bond notes to US$300 weekly and US$100 daily for individuals.

The increase of daily and weekly withdrawal limits by the central comes after an injection of US$12 million worth of bond notes last week as a way of easing cash shortages during the festive season.

In a statement RBZ Governor Dr John Mangudya said the lower withdrawal limits of US$50 daily has constrained the banking public, hence the need to increase withdrawal limit to US$100 dollars and US$300 weekly.

Dr Mangudya said total bond notes in circulation have reached US$29 million after the injection of US$12 million worth of bond notes last week meaning all tobacco growers who sold their tobacco this year through the auction floors; including contracted tobacco growers have benefited from the 5 percent export incentive scheme.

A cumulative total of US$6.2 million bond notes have been deposited by the banking public at banks as at the 16th of December 2016, proving that bond notes are playing a critical role in mitigating cash shortages within the economy.

The central bank encourages financial institutions and other service providers to ensure that point of sale and other electronic payment facilities are spread throughout the country to ensure that some of the measures adopted will go a long way promoting easy transactions among the public during the festive season.

Source: Online