Tag: rbz

RBZ to issue US dollar linked IOUs (bonds), don’t confuse them with bond notes

The Reserve Bank of Zimbabwe is, according to the Financial Gazette, to introduce United States Dollar linked Bonds. Now these aren’t to be confused with actual currency like that failed attempt to have a US$ placeholder they tried a few years back. These are bank bonds: “A bond is a fixed income instrument that represents a loan […]

RBZ adds ZWL$64 million into circulation

The Reserve Bank has added more bond notes into circulation. The most recent increase came on the 19th of June where they injected ZWL$64 million. This raised the hard currency in circulation from ZWL$ 1,552 billion to 1,661 billion. The central bank has been cautious in injecting more because there isn’t any confidence in the […]

What does the RBZ directive mean for EcoCash and other mobile money platforms?

Yesterday the Reserve Bank followed up a statement made by Nick Mangwana on Friday night. The original statement looked to totally ban mobile money platforms. The government was planning to take a: “Series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetrated by the “wolves in sheep skins amongst our […]

Govt saves face, RBZ statement on EcoCash ban: reversing from the original plan

Yesterday the government through Nick Mangwana issued a statement declaring that mobile money was suspended with immediate effect. Naturally the public wasn’t happy and all three mobile telecommunications companies released statements to the effect that they would wait for a directive from the relevant authority. It seems like they have revised the original plan, probably […]

OneMoney and MyCash respond to mobile money ban: platforms are still working

NetOne and MyCash have followed up Econet’s response to the announcement made by Information Secretary Nick Mangwana last night. NetOne Dear Valued Customer, We would like to advise that OneMoney services are still operating normally. Do not hesitate to contact us on the numbers provided below, for any queries and enquiries. OneMoney, it’s One time. […]

Here’s everything the government has blamed for manipulating the forex rate since 2018

With recent news of Government’s attempt to ban EcoCash and all mobile money platforms, I got to thinking. How many times has the government and financial authorities shifted the goalposts regarding what our problem really is? In 2018 what had been a steady decline turned into the opening of flood gates and since then the […]

Businesses Now Required To List Prices In Both USD And Local Currency, A Practice Declared Illegal A Few Months Ago

Zimbabwean authorities should just make up their minds especially the central bank. This institution flip flops more than a pair of slippers that go by that name. Dual pricing Today the RBZ Governor issued a statement on the re-introduction of the interbank foreign currency auction. His statement concluded by saying: Dual Pricing SystemIn order to […]

You Can Now Do More Than Two Bank Transfers A Day. RBZ Reverses Decision.

The Financial Intelligence Unit (FIU) an agency of the Reserve Bank of Zimbabwe has reversed it decision issued on June 4th. The directive issued was to limit the number of internal bank transfers to 2 a day. The turn around came after Members of The Bankers Association of Zimbabwe made an appeal to the Reserve […]

Video: WhatsApp reacts to RBZ law banning money changing ads on social media

The RBZ through the Financial Intelligence Unit recently issued a directive that makes it illegal for one to advertise their money changing services on social media. This is was the reaction from WhatsApp. Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash number: Buy {{error_message}} {{error_message}}

[Update] EcoCash Merchant To Agent & A Host Of Other Transactions Blocked By FIU!

EcoCash seems to have blocked Merchant to Agent transactions though it’s not exactly clear what their reason for doing so is at the time of writing. The first hunch would be that this is yet another directive from the RBZ but if it is it’s a bit strange that the RBZ has not shared that […]

ZIPIT Given Directive To Place Monthly Limits Similar To EcoCash By RBZ

First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; It’s no surprise that the […]

Full Breakdown Of The High Court’s Ruling On EcoCash Application For RBZ To Reverse Directive

3 weeks ago, the Reserve Bank issued a directive ordering mobile money operators to ban agents that were transacting above a threshold of ZW$100 000. After effecting the ban EcoCash would have to register once again to meet certain KYC demands. EcoCash responded by filing an urgent chamber application to the high court seeking the […]

Exchange Rate Problem Is Due To RBZ Not Being In Control When Agents Move Money, Says Mangudya

It’s been a scandalous month for the Reserve Bank and mobile money service providers with EcoCash at the centre of the Central Bank’s dart board. Background… The economy has been spiralling wildly and the Reserve Bank believes the fault lies with mobile money services. This thinking is what led the Central Bank to issue out […]

Steward Bank Roped Into EcoCash & RBZ Fight

EcoCash’s war against the Reserve Bank Of Zim appears to be raging on. The Financial Intelligence Unit issued a directive to Steward Bank earlier on today placing some limitations on EcoCash’s Trust account (think of it as the main account for EcoCash). The directive by the RBZ reads: Restriction of payments into Ecocash Mobile Money […]

RBZ: $10 Notes Coming Into Circulation Next Week. $20 Notes To Follow

RBZ has announced when the $10 & $20 notes will be coming into circulation. $10 notes will come into on Tuesday 19 May with the $20 notes to follow soon after – RBZ says these will be available “by the first week of June”. Alongside this announcement was another – withdrawal limits have been raised […]

RBZ Freezes EcoCash Agent Accounts That Handle Above ZW$100 000 Per Month – Here’s Why That’s Dumb

Another day another confusing decision by the RBZ… The central bank has directed EcoCash and other mobile money service providers (think OneMoney, Telecash & MyCash) to freeze accounts belonging to agents with transaction activity above ZW$100 000. Whilst at this point its fair to say we have become accustomed to such weird declarations and laws […]

Government Is Working On A “National Payment Switch” – Is That Necessary?

There’s been a lot of talk about the new law which will force mobile money interoperability but maybe more important is the fact that the government has revealed that it is working on a new national payment switch. The same section of the Statutory Instrument that mandates mobile network operators to enable interoperability indicates they […]

RBZ Orders Banks To Freeze EcoCash, OneMoney Agents Suspected Of Illicit Forex Deals

The RBZs Financial Intelligence Unit has directed all banks to freeze bank accounts linked to Mobile Money Agents listed in a note that was leaked to the media. Acting Director-General Financial Intelligence Unit Oliver Chiperesa ordered banks to freeze, with immediate effect, all Ecocash and OneMoney agents suspected of involvement in money laundering. Read the […]

[Update] RBZ Says Money Transfer Services Like Western Union To Start Operating During Lockdown

Individuals/Families who rely on remittances where caught between a rock and a hard place when it was announced that money transfer agents would not be exempt from lockdown. Whilst this decision was made to safeguard the health of the general public, it meant that a significant number of Zimbabweans who rely on remittances were cut […]

RBZ Approves Use Of US$ As Part Of Emergency Response To Coronavirus

Zimbabwe’s central bank, known for spectacular u-turns has once again flip-flopped on policy. A circular sent out in the last few minutes declares that Zimbabweans can once again use the United States Dollar as legal tender; The circular claims that this will make it “easier for the transacting public to conduct business during this difficult […]

Bankers Association Wrongly Says Mobile Money Services Have Unfair Advantage Over Banks

During the recently held Parliamentary Portfolio Committee meeting, Bankers Association of Zimbabwe raised concerns regarding mobile money services and the unfair advantage they have over financial institutions. Dephine Mazambani, BAZs Chief Economist said the advantage stems from EcoCash and other mobile money services being regulated by POTRAZ and not the RBZ, which simply isn’t true: […]

Zim Government To Partner With Fintech To Issue Gold-Backed Digital Currency

There’s a widespread belief that the Zimbabwean government along with other African states will be announcing Apollo Fintech as their partner in launching digital currencies. Rumours are the coin will be gold-backed and the CEO of Apollo Fintech recently confirmed they are working with a country on a gold-backed coin: We have gotten a large […]

Upcoming Regulations Will Allow Innovators To Access Banks – RBZ

2020’s Monetary Policy Statement is out now and RBZ has once again discussed what their plans for the local Fintech industry are. Background The focus on Fintech alluded to last September in the mid-term monetary policy. The RBZ decided to create a National Fintech Steering Committee which would provide “policy direction in the Fintech space”. […]

ZW$ Has Not Been Devalued – RBZ

RBZ has denounced claims circulating on social media suggesting that the central bank has devalued the local currency. In a Twitter post, the bank has said such disinformation is a tactic to cause panic: The Bank would like to advise the public to disregard, with the contempt it deserves, the false and mischevious article circulating […]

RBZ Freezes Accounts Of Company Which “Injected Millions Of Dollars In Parallel Market”

Yesterday the RBZ sent out a warning to companies suspected of destabilising the country due to “illegal activities” forex market. The Central Bank followed this up by announcing that one of the companies being investigated by the Financial Intelligence Unit has had their accounts frozen. Earlier today, the Reserve Bank of Zimbabwe issued a statement […]

Bank Foreign Currency Exchange Rates Today – 7 January 2020

The current bank exchange rates for the ZWL$ today are as follows: USD to ZWL$: 16.8890 ZWL$ to RAND: 0.8401 Data according to the Reserve Bank of Zimbabwe Black Market Rates: USD to ZWL$  23.00 USD to ZWL$ 22.70 USD to ZWL$ 22.90 USD to BOND: 16.7 More: MarketWatch Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: […]

RBZ To Launch Electronic Trading Platform For Interbank Forex Platform

The RBZ is introducing a new measure to improve the efficiency or more specifically increase the trading of foreign exchange through legal means- an e-trading platform. Eddie Cross, a member of the Monetary Policy Committee said the platform might be launched this coming week: Next week, we hope to launch the new electronic trading platform […]

RBZ Instructs Exporters To Pay For Electricity In Forex

A recent statutory instrument issued out by the RBZ will ensure the never-ending currency confusion in Zimbabwe… never ends. The statutory instrument orders exporters to pay the Zimbabwe Electricity Supply Authority (ZESA) in forex for the next 6 months. Yuhp, remember the use of foreign currencies for local transactions was banned a few months ago? […]

It’s Ecobank That Has Put New Currency On Black Market Says RBZ

The Zim currency drama unfolds. No comment needed from us. Here is the press statement released by the Reserve Bank of Zimbabwe as promised earlier: PICTURES OF NEW NOTES CIRCULATING ON SOCIAL MEDIA The Reserve Bank of Zimbabwe (“RBZ”) has taken note of pictures circulating on social media that show recently introduced 2 dollar banknotes […]

Ugandan Government Warns Citizens To Avoid Cryptos

African governments are often derided for their use of applying similar methods (which are ineffective most times) when faced with problems. Like many-an-African government Ugandan leadership has come out and warned citizens against use of cryptocurrencies. The Finance Minister in Uganda has declared that the government doesn’t recognize cryptocurrencies and won’t be held responsible if […]