RBZ introduces higher denominations and review withdrawal limit
THE Reserve Bank of Zimbabwe (RBZ) has introduced new $10 and $20 bank notes and reviewed upwards weekly withdrawal limit to $1000 from $300.
In a statement today RBZ Governor, Dr John Mangudya, said the $10 notes will be in circulation by Tuesday next week with $20 notes set to be injected into the market early next month.
“The RBZ wishes to advise the public that the $10 and $20 dollar bank notes issued on 14 May 2020 through Statutory Instrument 103A of 2020 will come into circulation as follows:
-the $10 bank notes will commence circulation on Tuesday, 19 May 2020, the $20 bank notes will be in circulation by the first week of June 2020,” said Dr Mangudya.
“The features of the said banknotes will be publicised prior to circulation.”
The Apex Bank has also announced the upward review of withdrawal limits, a move likely to excite depositors.
“The Bank also advises that it has revised withdrawal limits upwards from $300 per week to $1000 per week with effect from 19 May 2020,” said Dr Mangudya.
He said banks have since been directed to ensure that the withdrawal limits were strictly observed. On the back of illicit cash deals and illegal money transfers, the Governor warned that decisive measures will be taken against those found on the wrong side of the law.Chroncile