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RBZ Raises Mobile Banking Transaction Limit To $10 000 Per Day

RBZ Raises Mobile Banking Transaction Limit To $10 000 Per Day

The Reserve Bank of Zimbabwe (RBZ) has raised the limit on mobile banking transactions from person to person from ZW$5 000 to ZW$10 000 per transaction and from ZW$35 000 per week to ZW$70 000 per week.

In August 2020, the RBZ ordered a limit on mobile banking transactions (EcoCash, Telecash, OneMoney) for all individuals at a maximum of ZW$5 000 per day and ZW$35 000 per week.

In his Monetary Policy Statement (MSP) issued this Monday, RBZ Governor John Mangudya announced a cocktail of measures the central bank has put in place to promote the use of the Zimbabwe dollar.

The central bank governor also announced that more forex will be availed for fuel service stations that sell fuel in Zimbabwe dollars.

Some of the measures announced by the RBZ  to promote the use of the local currency in domestic transactions include:

Increasing foreign exchange availability to fuel service stations designated by the Zimbabwe Energy Regulatory Authority (ZERA) to sell fuel in local currency.

… Maintaining minimum deposit rates for savings and time deposits at 10% and 20% respectively, to preserve value for local currency deposits.

… Building foreign exchange reserves to provide the necessary backup support for the local currency to enhance its attractiveness through setting aside 5% of the foreign exchange available for the auction system.

The RBZ also resolved to increase the limit on mobile banking transactions as follows: The MPS read:

… person to business from ZW$20 000 to ZW$25 000 per transaction with a maximum limit of ZW$100 000 per week

… person to person from ZW$5 000 to ZW$10 000 per transaction with a limit of ZW$70 000 per week.

… increasing the cash withdrawal limit for the banking public from ZW$2000 to ZW$5000 per week.

The RBZ said it appreciates the effort being made by banks to enable cashless transactions through digital and electronic banking services to their customers.

The central bank called on members of the public to bank their cash and utilise digital and electronic services, which include credit and debit cards.

It said this will minimise the risk of theft and robberies associated with carrying cash on person or possession of large sums of cash at premises.

More: Pindula News


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7 Comments

MaFyt 3 months ago

Dr Nostro my fellow learned friend

as long as you keep on fixing the exchange rate the way you are doing it, this all wont work baba, am sorry

STOP fixing the rate and let the market decide itself at that auction,mobjadhara maequivalent RTGS salaries acho,since musina maUS, but pegged at the Pre-October 2018 values multiplied by the prevailing rate tiite hedu maMillion isu


M 3 months ago

Ndarota tasvika 2023 tine mtungamiri mutsva asi asina zvaano batsiro seuyu aripo parizvino.Mkomana ndiye achazobvisa mkuru iyeye ,Nyorai mashoko Angus pasi


Vax 3 months ago

Vari kubvuma krohwa neinflation vadhara Ava wozonzwa rimwe richiti ZANU iri boe


Yvt 3 months ago

Zvaramba varume you have tried. Nobody wants the zim dollar its an open secrete


🥸 3 months ago

Watch out for outrageous bank charges


&& 3 months ago

Ko vari kushingirireiko zvinhu zviri pachena zvega kuti Zim currency yavanetsa hapana paichambodzoka musystem ichiita zvakanaka as long as pasina industry and commerce,, all those strategies are instead de-campaigning them


Scorched earth 3 months ago

People have tested what a stable currency tastes like. The Zim Dollar is rubbish and top of that his monetary policies are shit.
#CCCtoConquer💛💛💛



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