The second foreign currency auction has taken place today and it has established that the new official exchange rate is ZWL$63.74. This is an increase of ZWL$6.39 from last week's inaugural rate of ZWL$57.35 In other words, the Zimbabwe dollar has lost 11.14% from last week. The highest rate which was bid on the foreign … Continue reading 30/06: New official rate out, Zim dollar value down by 11%
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 … Continue reading CABS impose internal transfer limits
The new official exchange rate has now been established after the foreign exchange auction system debuted today. How the Auction works The auction system allows companies to bid for foreign currency every Tuesday and the winning bidder receives the forex after they pay the equivalent Zimbabwe dollars. After the end of an auction sale every … Continue reading 23/06: RBZ reveals the new exchange rate
The first week of June ended yesterday and what is noteworthy is that the Reserve Bank of Zimbabwe didn't release the $20 Zim dollar notes as planned. In mid-May the central bank promised to inject $10 and $20 notes into economy in a bid to address biting cash shortages. In the statement, the RBZ stated … Continue reading RBZ delays release of $20 Zim dollar notes. Is it chickening out?
It seems bogus moneychangers are widely on the loose. Yesterday, it was the RBZ that warned us about bogus people masquerading as RBZ officials and now its ZB Bank that's also warning the public over the same reason. Yes, there are moneychangers who are plying their trade pretending to be ZB Bank personnel, at least, … Continue reading ZB Bank dismisses rumours about participating in the black market
Some desperate moneychangers are reportedly impostering as RBZ officials. A statement issued by RBZ says that the public should be vigilant against illegal foreign currency traders who are masquerading as RBZ officials as they ply their trade. The central bank then went on to dismiss a commonly held belief that it participates in the black … Continue reading RBZ warns public against moneychangers impostering RBZ officials, also denies participating in black market
The Reserve Bank of Zimbabwe's Financial Intelligence Unit instructed Zimswitch to reviewed downwards transaction limits on its ZIPIT platform. The new limits allows users to transact just a maximum of ZWL$20 000 per day and ZWL$100 000. FIU says this has been done after witnessing the misuse of these limits through the funding of illegal … Continue reading Nowhere to run to for moneychangers as RBZ instructs ZIPIT to reduce transaction limits
EcoCash was dealt another blow when the High Court refused to set aside an RBZ Directive that blocked EcoCash Agents' accounts. And also less than a week ago, RBZ's Financial Intelligence Unit instructed Steward Bank not to allow ineligible EcoCash Agents to process money into trust accounts. This was all done in the name of … Continue reading EcoCash is not the problem, Stupid!
The Reserve Bank of Zimbabwe Governor, Dr. John Mangudya seems to have a come up with masterstroke that kills two birds with one stone. Of late, RBZ's gold buying unit, Fidelity Printers has been failing to pay small scale gold miners. But yesterday the Governor confirmed that they have found a way to ensure steady … Continue reading Paying US Dollars to gold miners is going to ease pressure on the exchange rate – Mangudya
EcoCash's bid to unfreeze the accounts of its Agents has failed after losing their case against Reserve Bank of Zimbabwe in the High Court. Two weeks ago,the largest mobile money operator asked the High Court to overturn a RBZ directive which blocked EcoCash's Agents' accounts who could move at least ZWL$100 000. EcoCash sought to … Continue reading EcoCash lose case against RBZ to unfreeze Agents’ accounts