RBZ Sets ZiG Withdrawal Limits

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).

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.