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Zimbabwe Central Bank Pledge To End Cash Withdrawal Limits Has a Catch


Many Zimbabwean consumers have not been able to withdraw as much cash as they wanted from their bank accounts on Monday despite the central bank's announcement of an end to withdrawal limits, as they could not produce pay slips justifying their balances.

The catch to the elimination of withdrawal limits by the Reserve Bank of Zimbabwe was that only funds accounted for by wages could be withdrawn without limit.

The central bank's pledge followed meetings late last year between Reserve Bank Governor Gideon Gono and officials of the Zimbabwe Congress of Trade Unions who demanded an end to limits which they said kept workers from fully enjoying the fruits of their labors.

On Monday the Reserve Bank also introduced notes in denominations of Z$20 billion and Z$50 billion, though they were not yet in circulation in some Zimbabwean cities.

Economist Luxon Zembe told reporter Jonga Kandemiiri of VOA's Studio 7 for Zimbabwe it is of little use for workers to withdraw all their money in Zimbabwe dollars when most retailers and transport operators now demand payment in hard currency.

More reports from VOA's Studio 7 for Zimbabwe...

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