News:Banks call for $500 per week limit
<vote /> Bankers have called on government to limit cash withdrawal limits from the current $1 000 to $500. Reducing withdrawal limits to $500 a week translates to a daily average of $71,42, compared to the current official daily maximum of $1 000.
Speaking at a Archdiocese of Harare Social Communications breakfast meeting yesterday, top banker George Guvamatanga who is also the managing director of Barclays Bank Zimbabwe said the $1 000 daily withdrawals were unsustainable. Guvamatanga said that,
"...I have a client who has been withdrawing $1 000 since the new limit was imposed. To date the client has withdrawn $11 000 and still counting. In light of such situations, I therefore call upon the central bank to impose a $500 weekly withdrawal limit. The average Zimbabwean deposit is $374 so this limit will be sufficient"
RBZ Governor Dr John Mangudya said he would look into the request. He was said that,
"We will consider the $500 weekly limit proposal. When we put in place the $1 000 limits, we had not taken into consideration factors like the country's present Point of Sale (PoS) network which is still poor."
Steward Bank chief executive officer Lance Mambondiani also called for the reduction of bank charges in order to stimulate the use of electronic and plastic money. Mambondiani said that,
"It does not make sense that members of the public are charged the extortionist rates that are charged by some banks including ourselves. I recently discovered there is a residual charge on the RTGS minimum payment by the Reserve Bank of Zimbabwe of $2,50. If we are serious about moving people from cash to plastic money or RTGS, bankers need to review their charges"
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