RBZ Sets ZiG Withdrawal Limits

1 month agoSun, 28 Apr 2024 16:01:51 GMT
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RBZ Sets ZiG Withdrawal Limits

The Reserve Bank of Zimbabwe (RBZ) has set the weekly cash withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates.

Central Bank Governor John Mushayavanhu said the bank will begin distributing the ZiG banknotes and coins to commercial banks tomorrow (Monday).

Members of the public will start withdrawing cash from their accounts on Tuesday, 30 April 2024.

In an interview with The Sunday Mail on Saturday, Mushayavanhu said the RBZ has already communicated with banks on the cash withdrawal limits. He said:

All banks will start collecting cash from the Reserve Bank of Zimbabwe on Monday (tomorrow).

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We have since communicated with them, including giving them a communiqué on the cash withdrawal limits.

Banks have already been advised on the maximum limits for withdrawal by individuals, corporates, schools and Government.

The RBZ’s Financial Intelligence Unit (FIU) issued a directive to local banks dated April 10, advising them about the cash withdrawal limits. It reads in part:

In view of the introduction of the new structured currency, ZiG, through the Reserve Bank Governor’s Monetary Policy Statement on April 5, 2024, the following ZiG cash withdrawal limits shall apply.

Individuals: ZiG3 000; corporates: ZiG30 000; schools, hospitals, clinics and local authorities: ZiG250 000 (monthly); Government ministries and departments ZiG300 000 (monthly).

The directive did not limit cash withdrawals by Parliament, courts and international organisations.

It says withdrawal limits for United States dollar accounts remain unchanged. Reads the directive:

Banks are required to undertake due diligence when processing cash requests for customers to ensure the facility is not used for criminal activities.

Where a customer has a valid need to withdraw cash above the stipulated limit, the bank shall continue to submit such an application to the FIU, clearly setting out the special grounds for the request.

The FIU will not grant any such requests unless satisfied that no other forms of payment are reasonably available to the customer.

The RBZ previously stated that the ZiG notes and coins will be drip-fed into the market in denominations ranging from ZiG1 to ZiG200.

The ZiG coins will be issued in denominations of one ZiG, two ZiG and five ZiG. ZiG banknotes are denominated in 10ZiG, 20ZiG, 50ZiG, 100 ZiG and 200 ZiG.

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