The Amalgamated Rural Teachers Union of Zimbabwe did not give a date when this will be effective from, but said the Ministry of Education and banks will carry out a review of how many rural teachers there are in the country so as to distinguish them from those working in urban areas.
Current withdrawal limits are set at $300 a week but some banks are giving clients as little as $50 because of the shortage of cash.
“The bank will set a figure of $1000 rtgs that can be withdrawn at once by a rural teacher. The figure would be revised based on availability of paper money,” ARTUZ said after meeting Mangudya.
It also said Mangudya is to investigate banks that can issue cash withdrawal service at centres in rural areas to minimise cost of teachers travelling to far away towns to withdraw little salaries.
“This system is used by some banks that take cash to uniformed forces barracks during pay days for withdrawal,” it said.
Zimbabwe is working on easing the cash shortage and will be introducing bigger denomination notes of $10, $20 and $50.
The highest denomination note is currently $5.
The country had $1.1 billion in circulation at the end of the year but bank deposits stood at $34.5 billion.
The country’s monetary policy committee said the country needs at least 10 percent of the deposits to be circulating which translates to $3.4 billion.
Click on the link below to get our stories for FREE via Whatsapp.
https://chat.whatsapp.com/IjKB2tQriIv3s0CUZMVUPS
(96 VIEWS)
This post was last modified on January 24, 2020 7:28 pm
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…