No end in sight for Zim cash shortage

No end in sight for Zim cash shortage

 

Zimbabwe is still experiencing cash shortages, with banks setting limits on withdrawals.

Barclays has set a maximum weekly withdrawal for companies of US$300, of which $100 is in cash and $200 is issued in bond notes. Stanbic has set a daily limit of $250, of which $150 is cash and $100 is issued in bond notes.

If companies require larger amounts, Thomas Dhliwayo, Operations Manager at Jenman Zimbabwe Safaris, suggests speaking to the bank manager and making an application stating the reasons why there is a need for a larger amount to be withdrawn. The application has to be approved by the Reserve Bank of Zimbabwe.

In Victoria Falls only Barclays and Standard Chartered banks still accept foreign cards. Tourists are encouraged to bring in cash in case foreign credit cards are not accepted. However, they should make sure to carry smaller denominations to avoid being given change in bond notes, which are not accepted outside Zimbabwe, says Dhliwayo.

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