Zimbabweans finally got access to new low-denomination currency on Tuesday that ...
HARARE - Zimbabweans finally got access to new low-denomination currency on Tuesday that authorities hope will end chronic cash shortages, but banks maintained an existing weekly withdrawal limit of $20, frustrating many customers.
Shortages of cash, foreign currency, fuel and power are the most visible signs of the southern African nation’s worst economic crisis since 2008, when hyperinflation forced the government to ditch its currency. The central bank has maintained per-customer withdrawal limits at 300 Zimbabwe dollars a week, half the amount a farmer needs to buy a bag of fertiliser amid soaring inflation that economists estimate at 380%.
Black market traders, taking advantage of cash shortages, have been selling banknotes at premiums of up to 40%, a practice the central bank wants to end by printing more bills.
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