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Bad News for All Zimbabweans About the Money in Their Bank Accounts ||OPINION

RESERVE BANK MUST REVIEW WEEKLY CASH WITHDRAWAL LIMITS. 


The latest inflation trend which have seen goods and commodities rise, on prices must trigger a voluntary action by Reserve Bank of Zimbabwe, RBZ, to review weekly cash withdrawal limitsThe central bank boss, Governor Dr John Panonetsa Mangudya, must not wait for an outcry from citizens or consultations but consider the economic factors on the ground. Which must be met with a spontaneous call. Reserve Bank of Zimbabwe regulates on how cash must be managed and disbursed, by financial institutions and as such the maximum $ ZWL 1 000.00 weekly withdrawal is no longer commensurateRecently the sole public transport operater, Zimbabwe Passenger United Company has reviewed bus fares steeply by about 100 percent. Ordinary conventional buses are now charging the shortest distance $ ZWL 30.00 with Kombis registered under the same banner, now catalogued at $ ZWL 60.00That has also become a measurement for other players who pirate outside ZUPCO, such as the banned private Kombis which now demand between $ ZWL 80.00 and $ USD 1.00 per trip for the shortest routes. Longer routes within urban peripherals fetching between $ ZWL 150.00 and $ USD 1.50. Considering these facts alone it implies that weekly cash withdrawal limits, must equally be reviewed by 100% to $ ZWL 2 000.00


Zimbabwe Monetary policy remains fragile, as access to cash is attached to stringent conditions, and cash withdrawal must be unconditional but with limitations which are feasible. During Government of National Unity someone would withdraw a maximum of $ USD 3 500.00 in a single transaction, but cash withdrawals have drastically been limited to insignificant levels


The current nationwide lockdown being experienced in the country, has seen a blanket closure of businesses at 15:00 hours and it is very hard for working class to manage to visit shops, to purchase groceries before cut-off time. The roadside surbaburn informal businesses have become the only alternatives to buy few basics such as bread, eggs and milk while meat to cook will be hard to get


It is against this background that cash is now on high demand to meet the expenditure spelt, above mainly because informal system has become the only available service outside trading hours


And considers selling on hard cash than ecocash. They don't have any form of swipe machines and hence the central bank must re-visit it's policy on cash withdrawals


My Opinion

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John Panonetsa Mangudya Kombis REVIEW Reserve Bank of Zimbabwe Zimbabwe

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