News

ATM withdrawal limits up in Zimbabwe prior to holidays

December 21, 2003

HARARE, Zimbabwe - A number of commercial banks have increased their maximum withdrawal limits on ATMs ahead of the holidays, according to a report in the Harare Herald Business.

A conducted by the Herald Business showed that most of the maximum withdrawal limits were now above $200,000 Zimbabwe dollars ($250 U.S.)

Standard Chartered Bank, which previously allowed maximum withdrawals of $90,000 ($112 U.S.), recently hiked the limit to $500,000 ($625) while the Jewel Bank increased the limit to $300,000 ($375U.S.) from $80,000 ($100).

Officials from some of the banks said increases in withdrawal limits had been necessitated to reduce congestion in branches, according to the Herald Business report.

"Most people tend to require large sums of money at this time of the year and the increments in maximum withdrawals will assist in decongesting the banking halls," said the official.

Another said the increments were a result of the changing patterns in the money supply situation.

"The bank notes supply situation in the country has improved significantly since the introduction of bearer checks and the new $1,000 and $500 notes in September, resulting in banks having more money to dispense," he said.

Zimbabwe is emerging from an unprecedented cash shortage that threatened to derail the economy a few months ago. The crisis, which began in May, saw most banks failing to meet customer demands, with most resorting to limiting withdrawals to as low as $5,000 ($6.25 U.S.)