The Tabloid

Latest News with just a sigle click

RBZ to review withdrawal limit

RBZ to review withdrawal limit

The Reserve Bank of Zimbabwe (RBZ) could soon review the cash withdrawal limit pegged at $300 per week for individuals, for the convenience of depositors, legislators heard on Wednesday.

RBZ to review withdrawal limit

Finance and Economic Development Minister Professor Mthuli Ncube said he will engage RBZ on the issue.

He was responding to questions from Members of Parliament on the ministerial statement that he had presented earlier in the day.

“On cash limit, I agree with the member, it ought to be reviewed,” said Prof Ncube.

Mbizo MP Mr Settlement Chikwinya (MDC-Alliance) had asked when Government was going to raise the maximum cash withdrawal limit.

Mr Chikwinya said most businesses and banks were rejecting defaced or torn notes, leaving the transacting public with reduced value when they withdraw their money.

Prof Ncube said he would look into the issue.

Earlier on, legislators had demanded an explanation on why Government appeared to be deviating from its earlier commitment to leave examination fees at the same level as last year.

Proportionate Representative MP, Mrs Priscilla Misihairabwi-Mushonga, said students had received communication to the effect that they should pay $90 and Government would pay the remaining $100.

She said this was a deviation from an earlier commitment by Government to leave the Ordinary Level exam fees at $15 after it rescinded its decision to raise it to $190.

Leader of Government business in the House and Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi said it was critical to know that there was a cost to education notwithstanding how much money a parent was earning.

“There is a cost to education, even if a parent is earning a dollar or $500,” he said.

“May the Member put her question in writing so that the responsible Minister can explain the rational of the decision.”

The sitting was characterised by chaotic scenes and disorderly conduct from legislators and business was interrupted at various intervals.

At first, business was interrupted when legislators led by Norton MP Mr Temba Mliswa protested over the absence of some Cabinet Ministers.

Mr Mliswa questioned why Primary and Secondary Education Minister Cain Mathema and Prof Ncube were not in the Chamber given the nature of their portfolios.

Prof Ncube latter walked in and fielded questions.

MDC Alliance legislators became disorderly while Prof Ncube was fielding questions, saying they were not satisfied with responses that he was giving.

Leave a Reply

Leave a Reply

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

%d bloggers like this: