Home Accidents RBZ tightens policy in fighting black market activities

RBZ tightens policy in fighting black market activities

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The Reserve Bank of Zimbabwe (RBZ) has directed Econet Wireless that EcoCash individual subscribers will, with immediate effect, be allowed with a limitation of one Ecocash line, to transact a maximum of Z$5,000 daily an amount currently equivalent to USD $50. Econet confirmed the central bank directive in a notice to its customers on Wednesday. “Agents’ mobile money wallets are to be abolished with immediate effect. Funds in frozen Agent lines will only be liquidated into the Agent’s bank account. The liquidation will require RBZ approval on a case by case basis,” Econet said. Merchants and Billers will continue to accept EcoCash payments from customers, but again they can only liquidate funds in their wallets to their bank accounts. The move comes in as one of the government measures to stabilize the economy after the proliferation of black market activities which resulted in soaring prices of basic commodities. Econet Wireless recently tried unsuccessfully to stop the RBZ from suspending thousands of agent lines as the central bank governor John Mangudya accused the company of running a “Ponzi scheme”.

In a similar case, three companies listed on the Zimbabwe Stock Exchange namely; Old Mutual, Seedco Private Ltd and PPC were suspended on the bourse to prevent what Finance minister Mthuli Ncube termed “bubble trading”. Zimbabwe is experiencing economic challenges worsened by the global Covid -19 pandemic. Lately the government has been under fire over allegations of graft among other challenges allegedly stifling growth and development.

Liberty Pazvakawambwa SADC News

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