Source: All Africa
The shortage of cash in Zimbabwe continues unabated with banks continuing to tighten screws on withdrawal caps; taking down limits to as low as $50 and $100 per day.
The demand for cash has continued to rise despite the reduction in service charges by banks, which have been pushing for the use of plastic money.
A survey by Standardbusiness on Friday showed that there were still long queues at most banks. Most banks said their withdrawal limits were determined by the amount of deposits made.
Last Monday, Stanbic Bank reduced its withdrawal limit from $200 to $100, hardly a week after having taken down the limit from $500.
Of the top five banks, in terms of deposits, only Cabs and Standard Chartered were allowing clients $200 and $300 daily withdrawals respectively.
Depositors told Standardbusiness that the $100 limit was inadequate to meet their obligations.
Source: All Africa