The Reserve Bank of Zimbabwe (RBZ) has established the weekly cash withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates.
According to Central Bank Governor John Mushayavanhu, the distribution of ZiG banknotes and coins to commercial banks will commence tomorrow (Monday).
On Tuesday, April 30, 2024, members of the public will be able to begin withdrawing cash from their accounts.
In a conversation with The Sunday Mail on Saturday, Mushayavanhu stated that the RBZ has already informed banks about the cash withdrawal limits, noting, “All banks will commence collecting cash from the Reserve Bank of Zimbabwe on Monday (29 April 2024). We have already communicated with them, including providing a communiqué on the cash withdrawal limits. Banks have been informed about 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 on the cash withdrawal limits. It stated,
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 impose restrictions on cash withdrawals by Parliament, courts, and international organizations. It also mentioned that withdrawal limits for United States dollar accounts remain unchanged.
The directive further mandated banks to conduct due diligence when processing cash requests for customers to prevent criminal activities. If a customer has a legitimate need to withdraw cash above the stipulated limit, the bank must submit an application to the FIU, clearly outlining the special grounds for the request. The FIU will only approve such requests if it is convinced that no other forms of payment are reasonably available to the customer.
Previously, the RBZ announced that ZiG notes and coins would be gradually introduced into the market in denominations ranging from ZiG1 to ZiG200. ZiG coins will be issued in denominations of one ZiG, two ZiG, and five ZiG, while ZiG banknotes will be denominated in 10ZiG, 20ZiG, 50ZiG, 100 ZiG, and 200 ZiG.
