Travellers can now take out US$10 000 cash

By Online Reporter |  9 months ago | business

Reserve Bank of Zimbabwe has doubled the amount of foreign currency in cash one can physically carry on their person or in their baggage out of the country to US$10000.

In a statement yesterday RBZ Governor Dr John Mangudya announced the new cash limit in a Statutory Instrument made in terms of the Exchange Control Act.

The US$10 000 limit in baggage or pocket can be cash in any foreign currency, gold coins or in any desired combination of foreign currencies or gold coins.

Besides the limit for foreign currency banknotes and gold coins, travellers can also take out the equivalent of US$1 000 at the interbank rate in “demonitised” Zimbabwean notes and coins.

Anyone intending to carry more than US$10 000 in notes and coins, rather than making electronic transfers, requires exchange control approval.

Diplomats are not subject to these limits.