As the lucky security forces are about to get their salaries just before Christmas, Reserve bank of Zimbabwe has just announced that it has injected $12 million more worth of bond notes into the system, totaling to $29 million the actual amount of the currency in circulation and hence has seen sense in the increased of the withdrawal amount.
In a statement to the press, the RBZ governor Mr Mangudya announced that there has been a latest increase of the notes in the fiscus, and this should ease the cash crunch problem and allow more cash in circulation, few days after forcing withdrawals charges to plummet.
By TechnoMag Reporter.
Bond notes valued at $12 million were disbursed during the week ending 16 December 2016, in view of this positive development and the need to ensure that the banking public is not continuously constrained by the lower withdrawal, limits of bond notes of $25 and $50 per day, the bank has with immediate effect increased the daily bond note withdrawal limit to $100 per day or $300 per week for banks that have instituted weekly withdrawal limits.
The increase however is not for the US dollar, but strictly bond note limits, meaning its $300 bond notes on top of whatever one was getting prior to the limit change, as the nation tries to beat the cash crisis with the export exchange incentive.
While the move may have come a little late, with thousands of our grandmothers and fathers literally sleeping in the streets to catch the first worm for the next trading day, the RBZ took long to deliver their only solution they have to help these hapless elderly who have become victims of the system.
The move to increase the limits which came at the last minute has been seen as a move to cushion the civil servants, specifically the security sector which is having their salaries just before Christmas while other civil servants in the non security sector will only get their salaries after Christmas.
Here is the full statement from the RBZ.