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RBZ must increase cash weekly withdrawal limit-CCZ. BY REGIS CHINGAWO

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The Consumer Council of Zimbabwe regional manager for Masvingo province, Ndumiso Mgutshini has called on the Reserve Bank of Zimbabwe to increase cash withdrawal limit as the current $2000 per week limit was insufficient to cater for consumer needs. Mgutshini added that the current bank withdrawal has been eroded by inflation. “We are urging the RBZ to do something over the current weekly withdrawals that are now not enough for consumers. Consumers have to pay for rentals in foreign currency and pay for medical expenses. Furthermore, the amount withdrawn from the bank has lost its value due to inflation, therefore we are calling the RBZ to increase the limit to a sustainable amount so that consumers will be assisted,” said Mgutshini. In February, last year RBZ Governor Dr John Mangudya, in his year-start monetary policy, capped cash withdrawal limits for individuals at $2 000 per week while mobile banking transactions were capped at $5 000 per transaction and an aggregate limit of $35 000 per week. The Consumer Council of Zimbabwe also raised concern over the inability by citizens to access the weekly US$50 at selected Bureau de Change in Masvingo due to long winding queues. “We have also noted that citizens in Masvingo are failing to get the weekly US$50 at Bureau de Change. From our findings we noted that some of the Bureau de Change have no cash withdrawals, arguing that they have not received US dollars from the RBZ.We are therefore calling on the apex bank to do something on this issue,” said Mgutshini. Government last year introduced the weekly withdrawal of US$50 that can be accessed at bank rate as a way of taming the runaway parallel market.

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