Zimbabwe Banks Limit Cash Withdrawals To $100 Per Day

Zimbabwe, another failed state has limited cash withdrawals to no more than $100 per day according to this All Africa report:

The shortage of cash in Zimbabwe continues unabated with banks continuing to tighten screws on withdrawal caps; taking down limits to as low as $50 and $100 per day.

The demand for cash has continued to rise despite the reduction in service charges by banks, which have been pushing for the use of plastic money.

A survey by Standardbusiness on Friday showed that there were still long queues at most banks. Most banks said their withdrawal limits were determined by the amount of deposits made.

Last Monday, Stanbic Bank reduced its withdrawal limit from $200 to $100, hardly a week after having taken down the limit from $500.

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