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Banks ordered to allow full USD bonus withdrawals

HORIZONTAL

Zimstar News

Government has ordered banks to allow civil servants to withdraw their full bonus payments in US dollars without placing any untoward conditions.

This follows reports that some local banking institutions were compulsorily liquidating civil servants’ bonus payments and forcibly paying them in domestic currency.

In a statement Friday, the Finance Ministry said it has been alerted some banks were also making arbitrary charges against the bonus payments with some taking significant portions of the wages in the form of bank charges.

“Both away practices take away the intended benefits of the Bonus payments and we therefore wish to advise as follows;

HORIZONTAL

“All civil servants should be allowed to withdraw their bonus payments in full in United States Dollars, subject only to existing daily cash withdrawal limits set by the Reserve Bank of Zimbabwe

“Such bonus payment amounts are to be made in full without deduction or levy.

“Government and banks will agree a structure for the bank charges for these specific amounts which charges must be kept to a minimum.”

A lot of Zimbabweans are not too keen on securing bank services because of the numerous inconveniences and uncertainties associated with customer relationships.

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In past cases, companies, NGOs and ordinary depositors have lost millions of US dollars which were in their bank accounts after government forcibly liquidated the funds.

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