The fight to stop forex dealers from wrecking the economy continues. The Zimbabwean govt is not ready to let you transact to your heart’s delight. There have to be limits on the amounts you can send to other individuals, we can’t have you use the system to purchase forex on the black market, can we?
Oh, so these limits are hurting your business dear informal trader? Tough luck. Are the limits pushing you to transact in cash, sidestepping the system altogether? Please don’t do that, we need our 2% (or 4% for forex transactions) tax from you.
Okay, let’s meet half way, I’ll increase ZIPIT monthly limits. You don’t need to transact over ZW$400,000 (US$600 on the black market) a month, do you? You don’t, so that’s the new limit. The per transaction limit remains at ZW$25,000 (worth around US$37 on the black market.)
ZIPIT LIMIT REVIEW
Dear Valued Customer,
Zimswitch is pleased to advise that ZIPIT Limits have been reviewed from the weekly set thresholds to monthly limits, effective 21 June 2022. In light of the above, the following limits will now prevail under our channel-
-ZIPIT Person to person transaction limit remains at ZWL25,000 per transaction.
-Person to person weekly limit of ZWL$100,000 has been removed, and a new monthly limit is set at ZWL$400,000.
-In other words, an individual may opt to utilise his / her monthly limit in one or more days, but ultimately being governed by the maximum limit of ZWL$400,000.00 per month for P2P transactions.
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