Maravi

(TALKZIMBABWE) Cheque books reintroduced

Cheque books reintroduced
Ralph Mutema
Mon, 17 Aug 2009 15:48:00 +0000

THE Bankers' Association of Zimbabwe aanounced Monday that local commercial banks would start with immediate effect to issue their customers with chequebooks. Cheque books have not been used in Zimbabwe in over a year. Until now, business has been almost exclusively with foreign cash.

As the value of the Zimbabwe dollar fell last year, payment by cheque - taking several days to clear - became pointless. Even same-day electronic transfers were stopped because of sharp falls in the Zimdollar's value between morning and afternoon.

The Bankers' Association said chequebooks would be denominated in US dollars, but that personal account holders could issue cheques up to a maximum of only 200 US dollars, while companies could write them up to 500.

The limits would be reviewed from time to time, it said.

Labels: BANKING, ZIMBABWE

posted by MrK @ 5:38 PM