The Reserve Bank of Zimbabwe is introducing a new $50 000 dollar bank note with effect from Monday as part of it’s measure to help the banking public as we approach the festive season. The central bank has also raised the daily withdrawal limit for individuals from $20 000 to $50 000. The central bank is continuing with it’s policy of introducing new bank notes every month, but is this helping the country?
I just wonder if there is any other country in the world which introduce new bank notes every month like what Mugabe is doing in Zimbabwe.
“With effect from Monday, the 13th of October, 2008, the cash withdrawal limit for individuals has been more than doubled from the current $20 000 per day to $50 000 per day,” the central bank announced in a statement.
However, the withdrawal limit for companies remains at the current level of $10 000 per day as a way of encouraging companies to use alternative non-cash means of payment such as cheques and various forms of plastic money.
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Sun, Oct 12, 2008
Money Matters, Zimbabwe News