Depositors with Standard Bank Group Ltd.’s Zimbabwean unit may face delays when making withdrawals as the country’s currency shortage deepens, according to updated terms and conditions sent to customers with a letter dated Nov. 1, a copy of which was obtained by Bloomberg News.
Stanbic Bank Zimbabwe also reserves the right to repay depositors in any currency recognized in the country at a rate quoted by it or the central bank, the Harare-based unit of Africa’s largest lender by assets said in the terms document. Stanbic may also impose withdrawal limits and seek “prior written notification of your intention to make a withdrawal,” the company said.
Palmer Mugavha, Stanbic Bank Zimbabwe’s spokesman, wasn’t immediately able to comment on the letter, which was signed by Chief Executive Officer Joshua Tapambgwa. The measures come as President Robert Mugabe authorized the introduction of so-called bond notes, which will be pegged to parity with the U.S. dollar and beginning with denominations worth from $2 to $5, amid a lack of foreign currency following a collapse in exports.