Daily cash withdrawal limit increased individuals and companies

The Reserve Bank of Zimbabwe has increased the daily cash withdrawal limit for both individuals and companies from $5 billion to $10 billion, with effect from Tuesday.

In a statement, the RBZ Governor Gideon Gono, said the move was part of continuing efforts by the central bank to balance the need for curbing illegal parallel market activities in the foreign exchange market, and responsiveness to suggestions by stakeholders on banking and financial matters of the economy.

He said as the marketing season for tobacco, cotton, grain and other crops progresses, it is important for farmers to put to good use the enhanced revenue streams from the viable prices now in place.

Gono begged the farming community to convert their sales proceeds into inputs and implements for the next season, and not to allocate the incoming resources to satisfy unusually high propensities to consume.

Post published in: Economy

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