No withdrawal limit for pensioners

DEPutY Minister of Finance and Economic Development Clemence Chiduwa says there is no withdrawal limit at banks for pensioners.

Chiduwa said this week treasury will engage the central bank to get limits for other depositors raised.

“In terms of the current position with regards to the convenience that we have created for pensioners, there is no limit on withdrawals,” the deputy minister told Parliament.

But a Member of Parliament said while Chiduwa had explained government policy, pensioners were not enjoying these benefits.

“If I heard you correctly, you said there is no limit but pensioners are complaining that when they go to the bank, they are given Z$W5 000 as the weekly limit which is not enough for bus fare and other needs. Is it not possible for pensioners to withdraw all their amount at once?” asked Proportional

Member

Kwaramba.

Kambuzuma Member of Parliament Willias Madzimure accused Chiduwa of misrepresenting facts.

he claimed the deputy minister was aware of the situation obtaining in banks.

“It is a policy actually and the minister is trying to tell the house that there is no limit which is not true. Can the minister either modify his answer and not confirm that it is true that you can withdraw more than ZW$5000? It is a policy that ZW$5 000 is the maximum,” he said.

however, Chiduwa, while agreeing the policy existed, reiterated that pensioners had no limit to the amount of money they can withdraw.

“There is a policy that there is a limit of ZW$5000. But for pensioners, we say there is no limit. As I said, this is a specific question and what is needed first is for me to go and verify if there is a limit. If there is a limit, then I think it is an issue of us speaking to the Bankers Association of Zimbabwe of

Parliament,

Goodluck

and the Reserve Bank of Zimbabwe so that the limit can be (removed),” he said.

“The house can give me time to go and verify. I did say that the ZW$5 000 limit is there but we were asked this question again here in Parliament and we liaised with the Reserve Bank of Zimbabwe to remove the limit and also negotiated for dedicated tellers for the convenience of pensioners so they do not stand in long queues. So I think this is just a question of implementation and I should check if what we agreed on is being implemented.”

he added: “Pensioners should not be given a limit but should be allowed to withdraw all their funds and not spend much time in queues. That is why I asked for your indulgence to go and verify and if there are any problems, I will come back and report to you.”

As prices continue to rise due to continued depreciation of the local currency, the value of money has been eroded, and consumers are finding it difficult to make ends meet.