Small Denominations, Low Withdrawal Limits Infuriate Depositors
5 years agoWed, 13 Nov 2019 04:55:42 GMT
Following the Reserve Bank of Zimbabwe’s (RBZ) recent introduction of new banknotes and coins, depositors have complained about the small denominations and low withdrawal limits that have been put by banks.
On Tuesday, depositors were finally able to withdraw money from banks though there was a cap on how much an individual could get.
Some banks were allowing individuals to withdraw only $100 with the RBZ having set a cash withdrawal limit of $300 a week.
The RBZ released $2 and $5 denominations as well as $2 bond coins and considering the rate of inflation, the denominations are considered too small.
For instance, a loaf of bread costs between $14 and $16 which means one needs at least seven $2 notes to buy a loaf of bread.
