Following the confusion created by the Reserve Bank of Zimbabwe’s directive which banned foreign currency cash withdrawals, the central bank has clarified on the issue.
The confusion has been caused by Paragraphs 3.4 and 4.3 which seem to contradict each other and resulted in some banks refusing to allow customers to withdraw their foreign currency saying that they were waiting for policy clarity from the central bank.
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Cash Withdrawals:
For corporates, banks shall apply the KYC principle for any intended cash withdrawals. The current withdrawal limit for individuals remains US$1000 per day.
Individuals are still able to withdraw their cash from their individual accounts and banks are, in line with international best practice, expected to apply the AML/CFT principles.
Further to our Directive, the Reserve Bank wishes to advise that contrary to certain information being circulated on social media, cash withdrawals by individuals are still permissible and the policy position hasn’t changed.
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