OK, the Ministry of Finance and the Reserve Bank of Zimbabwe somehow still insist that Zimbabwe ‘has de-dollarised.’ They say the fact that you can pay for stuff in USD and that shops are required to list prices in USD alongside local currency is actually part of de-dollarisation. We don’t know what that’s about especially now with what Standard Charted Bank Zimbabwe is saying.
USD cash at ATMs
According to communication to customers from the bank’s Head of Retail Banking, Lucas Chirume, selected Standard Chartered Bank ATMs will dispense both local currency and United States Dollar notes. He of course adds that this is subject to availability of cash.
Here’s where to locate Standard Chartered Bank ATMs.
More USD than Zim Dollar
Interestingly, the withdrawal limit for USD is USD1 000 per day while limit for local currency withdrawal is ZW$1 000 per week!
This means you can withdraw up to USD7 000 per week but only ZW$1 000 which is equivalent to about USD10 or slightly more depending on the rate you use.
This is quite odd. I suppose this artificial scarcity of the local currency is what’s maintaining some semblance of stability of the currency in the past few weeks. The hope is that if hard currency cash starts to be perceived to be readily available it will ease people’s tendency to hoard it. Our need to hoard cash makes the exchange rate situation volatile.
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10 comments
Interesting. sometimes Standard Chartered can be very bold! I hope my bank also does the same.
This is normal go to DRC today u can withdraw USDs from a nostro account. What will be good news though from Stanchart is an international visa or Mastercard withdrawing USD cash from the local stanchart ATMs
I wonder if civil servants US dollar allowances be withdrawn this way
Oh that is doubtful! I don’t think StanChart will even open those accounts. They have always been selective of who they want to bank with them. They refused me an account in a space of more than 3 years saying they were working on a system upgrade that prevented them from opening new accounts. All that while, I knew a number of people who were opening accounts with the bank. I suppose I didn’t look rich enough for them!
And the civil servants allowance is too risky for any bank to empty vaults for
They actually did and some have actually collected those allowances in hard currency, just saying.
” some have actually collected those allowances in hard currency” ????? really?
through the same bank or by transfering it to some bureau de change’ s nostro account then getting hard currency from the bureau de change at some premium?
Oh, that’s a good story Wellington if they are doing that. I still believe those allowances are too risky though. The government has betrayed trust too many times for me to be confident in honouring cash demands on those allowances if I were a banker
Is Standard Chartered Bank now part of Zimswitch? Many years ago they refused to be part of Zimswitch due to the lower card acquiring/issuing standards of ZWSwitch vs Visa/Matercard/Diners etc which would impact negatively on the “discerning” SCB account-holders then….and does this coincide with Mastercard partnering Zimswitch mentioned elsewhere on this website?
correct me if i’m wrong but i think RBZ issued an order requiring all mobile money companies and banks to register under ZIPIT.
Not to necessarily link to ZIPIT but to be connected to Zimswitch and be able to move money from any account or wallet or any other account or wallet directly. Currently, the way that we see them doing this is just utilising ZIPIT