Depositors clamour for raise in withdrawal limit



The Reserve Bank of Zimbabwe (RBZ) should  increase the weekly cash  withdrawal limit  by individuals as the ZWL$2000 allocation cannot meet their needs, depositors have said.

“The current cash withdrawal limit is not adequate taking into consideration that our local currency is struggling to stay afloat against the US dollar. There is a need for the RBZ to increase the weekly limit withdrawal,” a Masvingo depositor, who requested anonymity, said.

Another depositor, Chido Mashaya, a resident of Runyararo suburb in Masvingo said: “We need to pay school fees and pay for other necessities in foreign currency. There is a need for the RBZ to make a review.”

The Consumer Council of Zimbabwe regional manager for Masvingo Province, Ndumiso Mgutshini said the withdrawal limit has been eroded by inflation.

“We are urging the RBZ to do something over the current weekly withdrawals that are now not enough for consumers. Consumers have to pay for rentals in foreign currency  and pay for medical expenses,” Mgutshini said.

“Furthermore, the  amount withdrawn from the bank has lost its value due to inflation, therefore we are calling the RBZ to increase the  limit to a sustainable amount so that consumers will be assisted.”

Last year, RBZ Governor Dr John Mangudya, capped cash withdrawal limits for individuals at ZWL$2 000 per week while mobile banking transactions were capped at ZWL$5 000 per transaction and an aggregate limit of ZWL$35 000 per week.

The Consumer Council of Zimbabwe also raised concern over the inability by citizens to access the weekly US$50 at selected Bureau de Change in Masvingo due to long winding queues.

“We have also noted that citizens in Masvingo are failing to get the weekly US$50 at Bureau de Change. From our findings we noted that some of the Bureau de Change have no cash. They said they don’t receive US dollars from the RBZ. We are therefore calling on the apex bank to do something on this issue,” Mgutshini said.

Government last year introduced the weekly withdrawal of US$50 that can be accessed at bank rate as a way of taming the runaway parallel market.


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