ZiG cash withdrawal limits set

THE Reserve Bank of Zimbabwe (RBZ) will begin distributing the new Zimbabwe Gold (ZiG) banknotes and coins to commercial banks tomorrow, with the public set to start withdrawing cash from their accounts on Tuesday morning.

The central bank has since set weekly cash withdrawal limits at ZiG3 000 for individuals and ZiG30 000 for corporates to manage the initial rollout.

The new currency — backed by a combination of gold, precious minerals, and foreign currency reserves — will start circulating in the market on Tuesday. Notably, all ZiG banknotes and coins were produced locally.

In an interview with our Harare Bureau yesterday, RBZ Governor Dr John Mushayavanhu said everything was in place for the seamless distribution of the new currency.

“All banks will start collecting cash from the Reserve Bank of Zimbabwe on Monday (tomorrow),” said Dr Mushayavanhu.

“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.”

In a directive to local banks dated 10 April, the RBZ’s Financial Intelligence Unit (FIU) indicated the cash withdrawal limits.

“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,” reads the directive.

“Individuals: ZiG3 000; corporates: ZiG30 000; schools, hospitals, clinics, and local authorities: ZiG250 000 (monthly); Government ministries and departments ZiG300 000 (monthly).”

The directive places no limits on cash withdrawals by Parliament, courts and international organisations.

It states that withdrawal limits for United States dollar accounts remain unchanged.

“Banks are required to undertake due diligence when processing cash requests for customers to ensure the facility is not used for criminal activities,” it continues.

“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.”

Bankers Association of Zimbabwe president Mr Lawrence Nyazema said financial institutions were ready for the rollout.

“We are on course to provide the new notes and coins to our customers and clients on the date that was announced,” he said.

“The RBZ and banks have been conducting publicity campaigns in preparation for the launch.

“We are now in the final stages of operational readiness for the exercise.”

The ZiG notes and coins will be drip-fed into the market in denominations ranging from ZiG1 to ZiG200.

The new currency replaced the Zimbabwe dollar, which has been rapidly depreciating against major currencies since the beginning of the year. The RBZ has in its reserves US$100 million in foreign currency, and 2,5 tonnes of gold valued at US$185 million.

Sunday News

20 thoughts on “ZiG cash withdrawal limits set

  1. Definitely believe that which you said. Your favorite justification seemed to be on the web the easiest thing to be aware of. I say to you, I definitely get annoyed while people consider worries that they just don’t know about. You managed to hit the nail upon the top and also defined out the whole thing without having side effect , people could take a signal. Will probably be back to get more. Thanks

  2. Whats up are using WordPress for your site platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you need any html coding knowledge to make your own blog? Any help would be greatly appreciated!

  3. Thank you for another informative blog. Where else may I am getting that type of information written in such a perfect approach? I have a venture that I’m simply now working on, and I have been on the glance out for such information.

  4. I抎 should test with you here. Which is not something I usually do! I take pleasure in studying a submit that may make individuals think. Additionally, thanks for allowing me to remark!

  5. I loved as much as you will receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get got an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again as exactly the same nearly very often inside case you shield this hike.

  6. whoah this weblog is great i like reading your posts. Keep up the good work! You realize, lots of individuals are searching round for this information, you can help them greatly.

  7. Pretty section of content. I just stumbled upon your weblog and in accession capital to say that I get actually loved account your weblog posts. Any way I will be subscribing on your augment or even I fulfillment you get right of entry to persistently quickly.

  8. I get pleasure from, lead to I found exactly what I used to be taking a look for. You have ended my 4 day lengthy hunt! God Bless you man. Have a great day. Bye

  9. My partner and I absolutely love your blog and find nearly all of your post’s to be just what I’m looking for. Does one offer guest writers to write content to suit your needs? I wouldn’t mind producing a post or elaborating on a number of the subjects you write concerning here. Again, awesome site!

  10. Hi there! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no backup. Do you have any solutions to prevent hackers?

  11. Hello there, I found your site via Google while looking for a related topic, your site came up, it looks great. I’ve bookmarked it in my google bookmarks.

  12. My developer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the expenses. But he’s tryiong none the less. I’ve been using WordPress on a variety of websites for about a year and am worried about switching to another platform. I have heard fantastic things about blogengine.net. Is there a way I can import all my wordpress content into it? Any kind of help would be really appreciated!

  13. you’re really a good webmaster. The website loading speed is amazing. It seems that you’re doing any unique trick. Moreover, The contents are masterwork. you’ve done a magnificent job on this topic!

  14. Nice read, I just passed this onto a friend who was doing some research on that. And he just bought me lunch as I found it for him smile Thus let me rephrase that: Thank you for lunch!

  15. whoah this weblog is magnificent i love studying your articles. Keep up the good paintings! You know, many persons are looking round for this info, you could aid them greatly.

  16. you are truly a excellent webmaster. The website loading velocity is amazing. It seems that you are doing any distinctive trick. Furthermore, The contents are masterpiece. you have performed a fantastic task in this matter!

  17. Hi there, just became alert to your blog through Google, and found that it is truly informative. I am going to watch out for brussels. I will be grateful if you continue this in future. Lots of people will be benefited from your writing. Cheers!

  18. whoah this blog is excellent i love reading your posts. Keep up the good work! You recognize, many people are searching round for this information, you could help them greatly.

Leave a Reply

Your email address will not be published. Required fields are marked *


New Tourism Strategy Aims to Empower Local Communities

The tourism sector is set for a transformation as the Tourism and Hospitality Industry Minister, Barbara Rwodzi, calls for greater collaboration with local communities to enhance their well-being. Speaking at the inaugural Tourism and Conservation Conference in Harare yesterday, Minister Rwodzi highlighted the critical role of community involvement in the future of tourism. The event, […]

Read More

Government Moves to Improve Transparency

On July 10, 2024, the Government took a significant step towards enhancing transparency and accountability in service delivery by launching the Zimbabwe Inter-Governmental Fiscal Transfers System (IGFTS) Administrative Manual. This initiative aims to streamline the management and processing of devolution funds, ensuring they are utilized in a responsible manner. Since its inception, the Second Republic, […]

Read More

Mutapa Investment Fund (MIF) – Zim’s 4th Chimurenga

The Sentry’s latest report on the Mutapa Investment Fund (MIF) has been met with scepticism and criticism, suggesting potential wrongdoing or unethical behaviour. The report uses language such as “raises concerns,” “overvaluation of shares,” and “transfer of public wealth to private individuals,” indicating a negative perspective on the MIF’s dealings. However, it is essential for […]

Read More