CABS issued a notice announcing that individual customers can now do a maximum of 10 internal transfer transactions per day. CABS say the permitted 10 internal transfer transactions could be of any value.
Dear Valued Customer,
We wish to advise you that the limit for internal transfers on individual accounts is now 10 transfers of any value per day.
We encourage you to ensure that your transactions are limited to the purposes for which you opened your account.
As you can see, this rule only affects individual customers, leaving businesses being able to do as many internal transfer transactions of any value as they want per day.
Did the limit come from the RBZ (Financial Intelligence Unit)
No, this restriction did not come from RBZ’s the Financial Intelligence Unit (FIU). This is just an internal rule by CABS possibly introduced to preempt any rogue customers who might misuse the internal transfer facility to engage in illegal foreign currency dealings on the black market.
Where restrictions are coming from
The RBZ says that the loss of value of the Zimbabwe dollar is attributed to the illegal foreign currency trades happening on the black market.
To stop the black market from flourishing, the RBZ has continuously imposed restrictions on banking platforms and mobile money platforms which are used by moneychangers to conduct their trades.
It remains to be seen if muzzling moneychangers will ever stabilize the value of the Zimbabwe dollar in the near future.