Zim Dollar return: Individuals can still withdraw USD from banks-RBZ

The Reserve Bank of Zimbabwe (RBZ) has refuted claims by some sections of society that it has ordered banks to freeze the withdrawal of Foreign Currency Accounts (FCA) Nostro, saying individuals can still withdraw their United States dollars with maximum limit being US$1000 per day.

The central bank cleared the air on speculative reports that had sent citizens into a panic mode.

Said RBZ:

“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. Cash withdrawals the current withdrawal limit for individuals remains US$1000 per day.”

The RBZ further stated that all companies, banks shall apply the Know Your Customer (KYC) principle for any intended cash withdrawals.

The central bank further stated that diaspora remittances shall continue to be received in foreign currency disputing social media outcry which claimed that various remittance agencies in the country like Western Union, Moneygram and Mukuru.com.

The confusion comes at a time the public is still trying to adjust to the introduction of the Zim dollar which was announced on Monday through a Statutory Instrument published in the government gazette.