Coronavirus

Covid-19: 5 Banks register 2 deaths and 38 infections so far

The local banking sector hasn't been spared from the ravaging coronavirus which has brought everything to virtually a grinding halt everywhere. Out of 19 banks, 5 have recorded 2 unfortunate deaths and infections from Covid-19 at the time of writing. The 5 banks whose stuff were exposed to Covid-19 involve Stanbic Bank,FBC Bank,Nedbank, CBZ and … Continue reading Covid-19: 5 Banks register 2 deaths and 38 infections so far

Civil servants Nostro debit cards

RBZ speaks on unavailability of Nostro debit cards for civil servants

Some civil servants have been wondering why their respective banks haven't availed debit cards for their Domestic Nostro accounts, weeks after Finance Minister Mthuli Ncube announced the US$75 allowance. Well, the answer is here now. In a statement released by the Reserve Bank of Zimbabwe this afternoon, the central bank said many banks were caught … Continue reading RBZ speaks on unavailability of Nostro debit cards for civil servants

Econet Money Laundering

Police raid Econet’s offices to obtain EcoCash records of every user

Yesterday the Criminal Investigation Department raided Econet's Msasa offices to get details of every EcoCash account in search of evidence to be used to investigate a Money Laundering case. The affidavit signed by CIDs Mkululi Nyoni suggests that Econet's offices were raided because it is suspected to be involved in Money Laundering through feeding its … Continue reading Police raid Econet’s offices to obtain EcoCash records of every user

Informal sector reject EcoCash after RBZ ban withdrawals

Informal sector starts to reject EcoCash. Thanks to RBZ

First it was the bond notes that were rejected by the informal sector and now it's EcoCash. Indeed, some informal businesses are now rejecting accepting payments through the largest mobile money platform, EcoCash. Those informal businesses not accepting EcoCash are simply rejecting EcoCash payments by saying that the EcoCash platform is currently down when,in fact, … Continue reading Informal sector starts to reject EcoCash. Thanks to RBZ

Moneychanger US dollar Zimbabwe Dollar

RBZ out to end moneychangers honeymoon with a “formal market based forex trading system”

The recent Monetary Policy Committee (MPC) meeting came up with a resolution that will not go down well with moneychangers a.k.a foreign currency illegal traders. The Reserve Bank of Zimbabwe's will force moneychangers out of business by leaving the exchange rate to be determined by market forces instead of the central bank imposing a fixed … Continue reading RBZ out to end moneychangers honeymoon with a “formal market based forex trading system”

New Zim dollar notes

RBZ will avoid Gedion Gono’s mistake by simply increasing cash supply, not money supply – Eddie Cross

Monetary Policy Committee member, Eddie Cross has clarified Reserve Bank of Zimbabwe's policy with respect to the injection of new notes into the economy. Mr Cross said that, inorder to avoid Zim dollar depreciation and triggering inflation, RBZ is not increasing the money supply as it introduces new Zim dollar notes. Rather, its only increasing … Continue reading RBZ will avoid Gedion Gono’s mistake by simply increasing cash supply, not money supply – Eddie Cross