Cash burning begins in Bulawayo as banks lower withdrawal limits to $50.

The Chronicle reports that some banks in Bulawayo have slashed cash withdrawal limits to $50 per day, while others are failing to offer clients their money as the cash crisis worsens in the country. The cash situation has seen foreign-owned banks reducing daily cash withdrawal limits from $300 to $200 while some indigenous banks are disbursing as little as $50 per day.

Entrepreneurs who receive cash every day have taken advantage of the situation as they are now offering cash to stranded clients for a fee with a woman identified as Ms Florence Maseko confirming this development. She revealed to The Chronicle saying,

I needed $1 000 cash and a businessman, who runs a bottle store charged me five percent of the amount for the transaction. I transferred the money into his account and I got the cash.

Efforts to get a comment from Bankers’ Association of Zimbabwe president Dr Charity Jinya were fruitless as her mobile phone was not being answered. There was also no response yesterday to written questions sent to the association by The Chronicle.