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    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Zimbabwe: Rbz Orders Cash Withdrawal Charges

bycitibusinessnews
December 12, 2016
in Africa, East Africa
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THE Reserve Bank of Zimbabwe (RBZ) has ordered banks to reduce charges between 1% and 1.25% of amount withdrawn for Automated Teller Machines (ATM) and over the counter.

The order by RBZ comes after local financial institution increased withdrawal bank charges taking advantage of the cash shortages as depositors were now relying on multiple electronic transactions.

Banks were now charging withdrawal fees between US$2.50 and US$3 and Bond Notes going up to US$5 with a daily limit of about $100 and 50 bond notes.

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In a statement last issued Sunday night, RBZ Governor John Mngudya said his bank will now monitor the charges to ensure access to affordable banking services and at the same time promotes the use of plastic money.

“The Reserve Bank has noted that while cash withdrawal limits have reduced significantly during the second half of 2016, there has not been a proportionate reduction in the level of bank charges.

“Against this background and as part of the on-going effort to promote financial inclusion and to ensure that the banking products and services are affordable to the banking public, the reserve bank has reviewed cash withdrawal charges downwards with effect from 12 December 2016.

“In order to align cash withdrawal charges to amount withdrawn, a proportional pricing model has been adopted to replace the current fixed charges.

“The applicable charge for cash withdrawal is a maximum of 1% and 1.25% of amount withdrawn for ATM and over-the-counter, respectively as below.”

–

Credit: All Africa

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