Friday, 10 February 2017

Zimbabwean banks run out cash, impose $50 withdrawal limit

Some Banks in Zimbabwe have announced a $50 withdrawal limit per day as cash shortage deepens in the country.

The country has been battling with cash shortages since 2016, with authorities blaming the externalization of foreign currency, hoarding and other illicit financial outflows.

According to Zim News, banks such as CABS, ZB, National Building Society and Standard Chartered had reverted to giving $50 per day in either bond notes or United States dollars while some had run out of cash, forcing depositors to spend hours in queues. 

While Met Bank is said to be the only bank giving $300 weekly withdrawals to customers.

A CABS official who confirmed the $50 withdrawal limit said they did not have enough money hence they were forced to implement limits on withdrawals to ensure that they remain in business.

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