EcoCash Dealt Major Blow As RBZ Designates ZimSwitch As National Payment Switch

RBZ Designates ZimSwitch As National Payment Switch   The country’s biggest mobile money company EcoCash Zimbabwe has been dealt a huge blow by the Reserve Bank of Zimbabwe (RBZ) after the central bank designated ZimSwitch as the National Payment Switch. This means that all mobile money transactions will now have to go through ZimSwitch. According […]

How The Zimbabwe Government Can End The Forex Black Market Once And For All

Zimbabwe Forex Black Market: How Gvt Can End It How Zimbabwe government can end the forex black market. The Government of Zimbabwe’s fight against the forex black market is akin to straightening the shadow of a bent tree and not the bent tree itself. Government’s approach to dealing with the forex black market rings true […]

Did You Know: All Zimbabwean Currency Denominations Combined Cannot Buy A Loaf Of Bread?

All Zimbabwean Currency Denominations Combined Cannot Buy A Loaf Of Bread This Friday morning, it took 69 Zimbabwean dollars to buy one loaf of bread from the supermarket as confidence in the local currency hits rock bottom. The price of a loaf of bread has gone up 3 times more than the value of the […]

With The New ZWL $10 Banknote Worth Just US$0.25, Is RBZ Serious?

Is RBZ Serious? | Terence Zimwara   The Reserve Bank of Zimbabwe (RBZ) last week came through with its promise to issue higher denominated banknotes, with the first of these, the ZWL$10, coming into circulation on last Tuesday. This follows a statutory instrument issued a week earlier which gave effect to the new banknotes. The […]

EcoCash Is A Ponzi Scheme Which Is Devaluing The Zim Dollar: RBZ Fires Back At Lawsuit

EcoCash Is A Ponzi Scheme: RBZ EcoCash Is A Ponzi Scheme: RBZ   The Reserve Bank of Zimbabwe (RBZ) has labelled EcoCash a Ponzi Scheme which is accelerating the black market exchange rate and devaluing the Zimbabwe Dollar. The RBZ sensationally claimed that EcoCash has agents who have a massive overdraft on their Ecocash accounts […]

Zimbabwe Freezes Accounts Handling Over $2 000 Per Month

Zimbabwe Freezes Accounts  Zimbabwe Freezes Accounts   The Reserve Bank of Zimbabwe (RBZ) has issued a directive ordering mobile money companies to freeze all accounts which transact over ZWL$100 000 per month. This figure translates to about US$2 000 per month using the black market rates. The central bank is alleging that some of these […]

RBZ Speaks On Reports Of Raiding Foreign Currency Accounts Again

RBZ Speaks On Raiding Foreign Currency Accounts   The Reserve Bank of Zimbabwe has furiously denied reports that it has raided Foreign Currency Accounts (FCA) again. This follows a social media post on Twitter by the online publication, The Sentinel which claimed that the monetary authorities may have raided FCA accounts. In the post, The […]

Furious RBZ Responds To Reports That It Is Printing Money Secretly Again

RBZ Responds To Reports That It Is Printing Money Again RBZ Responds To Reports That It Is Printing Money Again   The Reserve Bank of Zimbabwe has dismissed reports that it is once again printing money which has resulted in the collapse of the local currency which was reintroduced last year. This follows an article […]

RBZ FREEZES Bank Accounts As Chinese Firm Accused Of Manipulating Forex Rates On Black Market

RBZ Freezes Bank Accounts    The Reserve Bank Of Zimbabwe (RBZ) has frozen the bank accounts of a firm which is allegedly involved in parallel market activities on the EcoCash platform.   The freezing of accounts comes a few hours after the central bank issued a strongly worded statement warning entities manipulating the foreign currency rates […]