All the efforts by the Reserve Bank to solve the current cash problems in the country seem to have failed. Is the change in withdrawal limits the answer to the current cash crisis in Zimbabwe? For the third time in a month the reserve bank has increased the withdrawal limit.
Well, the reserve bank has announced the increase in daily cash withdrawal limits from $300.00 to $500.00 of the revalued currency.
The changes in withdrawal limits are for both individual and business account holders and are with immediate effect.
In a statement the Reserve Bank of Zimbabwe Governor, Mr Gideon Gono urged the banking sector to make the necessary arrangements to ensure they secure adequate cash to meet public demand.
For the third time in a month Mr Gono has increased the withdrawal limit. But surely this has failed to solve the cash crisis in the country. Don’t they have better ideas?
Timeline
August 1…Mr Gono increased withdrawal limit from $100 billion(old currency) to $200.00 (new currency).
August 7…Mr Gono increased the withdrawal limit from $200 to $300 saying it was in line with the commemoration of Heroes Day. When are they going to be accountable for these failures?
August 21….Mr Gono increases the withdrawal limit from $300 to $500.
In the meantime the cash crisis in the country continues. Has Mr Gono failed then in his job as Reserve Bank Governor? He was hailed as the savior of Zimbabwe’s economy when he was appointed, but is it time to do the only honourable thing and say enough is enough and resign from his post? He has failed.
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