Tag: rbz


We are getting ZWL$50, 100 and 200 banknotes

The Reserve Bank of Zimbabwe is set to introduce ZWL$50, 100 and 200 banknotes according to Eddie Cross a memeber of the MPC.


Despite COVID-19, money sent to Zim from the diaspora is up by 48%

The pandemic has not slowed the flow of money coming from the diaspora, according to the latest figures by RBZ remittances are up by 48%


New ZW$35k limit for mobile money is a decent improvement – Here’s how RBZ and service providers can make it consumer-friendly

So yesterday, it was announced that the ZW$5000 daily limit for transacting has been lifted. In its place will be a ZW$35 000 weekly limit which you can exhaust in one day if you want. Whilst this is an improvement on what was in place there are still too many potential problems that could arise […]


President ED – State had to act against EcoCash because $8.4 billion was circulating outside the banking system

President Mnangagwa recently addressed a ZANU-PF Committee in Gweru and in that address he spoke on the long-running feud between EcoCash and the state. The President had some interesting things to say about the mobile money operator which has been accused by the financial regulator and state officials of being behind runaway inflation. We realised […]


Forex Auction results, Zim dollar gains again, rate now at 82.699

The Zim dollar has for the second week in a row appreciated slightly. This week’s Forex Auction results show that the median average is ZWL$82.6993 against last week’s rate of ZWL$83.3209. Last week’s climb was by ZWL$0.0785, and this week there is a slightly more substantial climb of ZWL$0.6216 when compared to last week. The […]


EcoCash sets deadline for multiple accounts for the 6th of September 2020

In adherence to the Monetary Policy Statement put out by the Reserve Bank of Zimbabwe. Individuals are no longer allowed to have multiple EcoCash accounts. In a message sent out to customers Ecocash said the following: Public Announcement If you have 2 or more EcoCash lines dial *150# option 5 to select your primary wallet […]


Pensioners to get FCA cards, govt says it will pay for them

Pensioners are a group that has been a little overlooked when it comes to how they received their US$ allowance. Civil Servants have been beneficiaries of convenient platforms as well as FCA Cards. In a report from Sunday Mail, RBZ Governor John Mangudya said that Pensioners will soon be getting FCA cards. “It was brought […]


Foreign Exchange Auction, Zim dollar makes a marginal gain, rate at 83.32

The combined SMEs and Main Foreign Exchange Auction has concluded. This week the local currency made a marginal gain with weighted average sitting at ZWL$83.3209. Last week weighted average and effectively the rate sat at ZWL$83.3994 which is a very small uptick of ZWL$0.0785. This is the first time that there has been a bounceback […]


OneMoney follows EcoCash and effects ZW$5000 daily transaction limit

Many people were wondering if OneMoney and Telecash would all be subjected to the same regulations that were recently put into effect by EcoCash. Well, OneMoney is the second mobile money operator to effect the ZW$5000/daily transaction limit. NetOne subscribers received the message below this morning; Dear Customer. Following a RBZ directive, OneMoney transactions are […]


What can you buy with the ZWL$5000 EcoCash limit?

In abiding by the Reserve Bank of Zimbabwe’s directives, EcoCash has instituted a ZWL$5000.00 a day limit on transactions. The outline of how this will affect daily transactions is as follows: “Transactions by all individuals shall be pegged at a maximum of ZWS5,000 (five thousand Zimbabwe dollars) per day with immediate effect. This threshold relates […]


Foreign Exchange Auction results, rate now at 83.3994

The third combined Main and SMEs Forex Auction have concluded. The local currency slumped marginally again this week from ZWL$82.9184 last week to ZWL$83.3994 this week to the United States Dollar. The results are as follows: SME Auction #4 Main Auction #10 Amount Allotted US$960 791.84 US$14 064 871.90 The Highest Rate 88.0000 88.0000 The […]


RBZ & Udugu hosting COVID-19 Fintech Hackathon. Apply here

Jointly held by the Reserve Bank of Zimbabwe (RBZ) & Udugu Institute the COVID-19 Fintech Hackathon aims to use Fintech to address the pandemic’s effects on healthcare, digital payments and economic recovery.  The hackathon taking place from 28 to 29 August will be held virtually. It’s open to anyone with a programming or business background. Sign up […]


Banks ordered to submit cybersecurity risk policies before October ends

The Reserve Bank of Zimbabwe has urged local banks to update their cyber risk management policies in the face of COVID-19. Ok, that’s a bit misleading. RBZ says since digital transactions are increasing during the pandemic banks have to bolster their security. Accelerated digitisation by banking institutions in the wake of COVID-19 and the remote […]


RBZ details faults of mobile money services which led to regulatory pressure

Zimbabwe’s Central Bank (aka RBZ) has been on a war path with mobile money services (mainly EcoCash) for most of the year. RBZ firmly believes EcoCash and other mobile money services have led to the currency instability in Zimbabwe. After some court battles and tightening of mobile money regulations, mobile money in Zimbabwe looks much […]


Agent lines banned by RBZ as “they no longer serve any legitimate purpose”

Earlier today, the RBZ published the Monetary Policy Statement and there are a number of pretty shocking declarations. One of which is that agents lines are officially a thing of the past. The same document also outlines that mobile money wallets will now be limited to one per individual. RIP agents (2011-2020) Agents have been […]


RBZ announces mobile money rule: Individuals can’t have more than one wallet anymore

The Monetary Policy Statement (MPS) is out and as we expect, the RBZ has announced some surprise regulations. The war against mobile money is far from over it appears… What’s the new rule? Under the section titled “measures to address mobile banking deficiencies” is a set of new regulations. Mobile money operators “shall with immediate […]


Mangudya – Contrary to expectation, remittances skyrocketed after COVID-19

The Reserve Bank of Zimbabwe governor John Mangudya has said that remittances grew exponentially after COVID-19. It was largely expected that remittances would crash due to job-losses and the Coronavirus-induced economic recession. Mangudya speaking during a ZIMRA press conference mentioned that contrary to that belief remittances actually grew. From January to July 2019 Zimbabwe received […]


Second combined Forex Auction results, rate at 82.92

The second combined Forex results are in and the rate. from the weighted average, is ZWL$82.92. The results are as follows: SME Auction #3 Main Auction #9 Amount Allotted US$517 630.88 US$13 679 558.32 Highest Rate ZWL$85.0000 ZWL$88.3800 Lowest Rate ZWL$78.0000 ZWL$80.0000 Lowest Accepted Rate ZWL$78.0000 ZWL$80.0000 Total Bids Accepted US$517 630.88 US$13 679 558.32 […]


RBZ & ZRP step in to stop the spread of Pyramid and Ponzi schemes

It seems as though the authorities have now taken aim at the number of Pyramid and Ponzi schemes in Zimbabwe. The Reserve Bank of Zimbabwe (RBZ) and the Zimbabwe Republic Police (ZRP) are now rooting out these operations. We have reported on these organisations before and how they have spread in these very difficult times. […]


First-ever combined forex auction results are in, rate now at 82.56

The first-ever combined forex auction (SMEs and Grand Auction) results are in. The Reserve bank last week decided to merge the two auctions after what seemed to have been a test run of the SMEs Auction. The results are as follows: SME Auction #2 Main Auction #8 Amount Allotted USD789 866.02 USD17 981 174.01 Highest […]


The first SMEs forex auction results are in

The first small to medium enterprises (SMEs) foreign exchange auction has concluded. This second auction is meant to be inclusive of smaller businesses. The big auction that is held every Tuesday has a minimum entry of bid US$50 000.00. So as you can imagine there would be a lot of businesses that wouldn’t be able […]


Full Text: RBZ introduces a second forex auction for small to medium enterprises

One of the criticisms against the foreign currency auction introduced by Zimbabwe’s central bank some two months ago was that it was a big boys and gals club. The minimum amount of forex an entity could bid for in this auction was USD50,000. It looks as if the central bank seeks to correct that. Here […]


Forex Auction number 7, rate now at 80.47

This week’s foreign exchange auction has been completed and the results are as follows: Amount Allotted US$ 18 531 336.74 The Highest Rate ZWL$ 87.00 The Lowest Rate ZWL$ 70.00 The Lowest Bid Accepted Rate ZWL$ 78.00 Total Bids: US$ 19 773 961.25 Weighted Average Rate ZWL$80.4663 PURPOSE AMOUNT ALLOTTED Raw materials 7,566,099.30 Machinery and […]


EcoCash “currency manipulation” probe delays Cassava Smartech financial report

Cassava Smartech announced that they have delayed the release of their audited financial statements for fiscal year-end February 2020. They made this announcement to shareholders citing that the delay is being caused by the “regulatory review” of one of the company’s key holdings EcoCash. The previously mentioned regulatory review is a currency manipulation investigation being […]


[Update] RBZ website down for over a week now – It’s back up!

The website of Zimbabwe’s central bank is currently down and anyone looking to access it currently can’t. According to IsItDownRightNow – a set which highlights whether a website is accessible- the RBZ website has been down for “more than a week” now. The only reason given on that site is that the site’s server isn’t […]


Bankers Association of Zimbabwe has released a statement in support of the Forex Auction

The Bankers Association of Zimbabwe (BAZ), whose main mandate is to support the banking business of member banks, supports the Foreign Exchange Auction Trading System introduced by the Reserve Bank of Zimbabwe (RBZ) on 17 June 2020 and became operational with effect from 23 June 2020. The introduction of a Foreign Exchange Auction Trading System […]


Forex Auction number 4 results, rate now at 68.89

The fourth running of the Foreign Exchange Auction has been completed and the weighted average is ZWL$68.8879. An increase from last week’s ZWL$65.88. Which means the “official” rate is US$1 : ZWL$ 68.89 Bids: The Highest Rate ZWL$85.00 (down from last week’s ZWL$90.00) the Lowest Rate ZWL$40.00 (up from last week’s ZWL$30.00) Allotted Amount this […]


Zimswitch: a quick refresher on what it is and what it does

The Reserve Bank this afternoon issued a statement that made Zimswitch the national payment switch. This means that EcoCash will be relegated to just being wallet and will have to use Zimswitch as the universal transaction hub. Now, as more information about this comes out, and we see how EcoCash responds to this. Let’s have […]


EcoCash to become just a wallet, RBZ says everyone must connect to ZIMSWITCH

So this happened: DESIGNATION OF ZIMSWITCH TECHNOLOGIES (PRIVATE) LIMITED (ZIMSWITCH) AS A NATIONAL PAYMENT SWITCHIn accordance with the provisions of the National Payment Systems Act [Chapter 24:23] and the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, Statutory Instrument 80 of 2020 (the Regulations), the Reserve Bank of Zimbabwe (the Bank) wishes to […]


Foreign Exchange Auction results are in, “official” rate is 65.88

Foreign exchange auction results are in. The rate is sitting at US$1.00 to ZWL$65.8765 (rounded up to 65.88). The highest bid was ZWL$90.00 and the lowest was ZWL$30.00. The weighted average was ZWL$65.8765 an increase from last week’s ZWL$63.7. The amount allotted was US$13 602 407.84 a decrease from last week’s US$16 321 028.61. (The […]