Tag: Reserve Bank of Zimbabwe (RBZ)

RBZ warns traders & retailers to accept ZWL$5 note or else…

The Reserve Bank of ZImbabwe (RBZ) has issued a statement warning traders, vendors & retailers to accept the ZWL$5 note or answer to the FIU

Watch: Breakdown of the recently released Monetary Policy Statement

Monetary Policy Statement breakdown with RBZ Governor Dr John Mangudya

Mthuli Ncube appoints new Monetary Policy Committee

Minister for Finance Mthuli Ncube has appointed a new Monetary Policy Committee which replace the one that was shut down at the end of January

Who was in the recently dissolved Monetary Policy Committee?

Following the announcement of the dissolution of the Monetary Policy Committee (MPC) we thought it would be interesting to look at who made up the old committee.

RBZ dissolves Monetary Policy Committee

The Reserve Bank of Zimbabwe (RBZ) has announced that it has dissolved the Monetary Policy Committee (MPC). New one to be appointed soon.

Eddie Cross has quit his post at the RBZ

Eddie Cross has stepped away from his position in the Reserve Bank of Zimbabwe’s (RBZ) Monetary Policy Committee.

[Download] Monetary Policy Statement, February 2021

Download the recently published and first Reserve Bank of Zimbabwe (RBZ) Monetary Policy Statement (MPS) for February 18th 2021

Remittances to Zimbabwe increased by over 42% in 2020

According to the Reserve Bank of Zimbabwe, remittances stood at just over US$1 billion in 2020 making it the gughest figure ever recorded in a single year.

RBZ confirms introduction of $50 banknote but denies $100 & $200

The Reserve Bank of Zimbabwe has acknowledged the reports of a $50 banknote that is set to come but has denied plans for $100 & $200 banknotes..

[Full Text] Monetary Policy Committee statement on refinements to Forex Auction System

The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) has held deliberations on how to improve and sustain the Forex Auction.

Due to the lockdown, RTGS operating times have changed

In a tweet by First Capital Bank, RTGS operating times have been changed as per guidance from the Reserve Bank of Zimbabwe.

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 […]

Forex Auction results, Zim dollar nudges up slightly. Rate at 81.4965

Forex auction results for 22 of September 2020 are in and the Zim dollar has continued it’s “upward” trend. The weighted average this week has made a small improvement from ZWL$81.7076 last week to ZWL$81.4965 this week. Full Forex Auction Results 22 September 2020 are as follows: SME Auction #8 Main Auction #14 Amount Allotted […]

Forex Auction, Zim dollar sees another week on the up. Rate at 81.7076

The Forex Auction results for 15/09/20 are in and the Zimbabwe dollar has yet again seen an upturn. This week the weighted median average is ZWL$81.7076 which is a ZWL$0.9917 gain from last week’s rate of ZWL$82.6993. The climb is much more substantial than last week’s ZWL$0.6216 from the rate the week before which sat […]

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 […]

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 […]

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 […]

No, you can’t send money from EcoCash to OneMoney yet

On the 9th of July, the Reserve Bank of Zimbabwe issued a directive that made ZimSwitch the national payments switch. This meant that EcoCash was going to be relegated to being just another wallet. ZimSwitch as the national switch for Mobile Money means that one can essentially send money from EcoCash to OneMoney or Telecash […]

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 […]

[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 […]

RBZ forex auction round 5, rate now at 72.15

The fifth Foreign Exchange has been completed and the results are as follows: New rate is ZWL$72.147 The highest rate ZWL$82.17000 The lowest rate ZWL$55.00 The lowest accepted rate ZWL$70.00 Total bids amounted to US$20 316 153.74 Allotted amountUS$14 853 708.88 PURPOSE AMOUNT ALLOTTED US$ Raw Material 7 417 479.47 Machinery and Equipment 2 309 […]

Killing monopoly by creating a bigger monopoly, Zimswitch as national switch

Yes EcoCash is too dominant. It had above 98% share of all mobile money transactions in the first quarter of 2020 which translates to above 80% of all transactions in Zimbabwe period. The word monopoly is a fair one. The RBZ wants to do something about that Yesterday, Zimbabwe’s central bank issued a communique which […]

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 […]