Mnangagwa Says EcoCash Was Sabotaging The Economy President Emmerson Mnangagwa has attacked the country’s biggest mobile money company Ecocash, accusing it of sabotaging the economy and causing the country’s runaway inflation. According to the President, EcoCash was creating billions of dollars of phantom money, which was prompting the country’s inflation to skyrocket. He […]
Category Archives: Reserve Bank of Zimbabwe
RIP EcoCash Agents: RBZ Bans All Agent Lines Permanently
RBZ Bans All Agent Lines Permanently Mobile money agents are now officially a thing of the past after the Reserve Bank of Zimbabwe (RBZ) banned all agent lines permanently. This means that EcoCash, OneMoney, and Telecash agent lines are no longer operational. This was announced by the central bank during today’s Monetary Policy Statement. […]
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 […]
RBZ Speaks On Rejection Of Zimbabwe Dollars
RBZ Speaks On Rejection Of Zimbabwe Dollars The Reserve Bank of Zimbabwe (RBZ) has released a statement about the legal money tenders in the country. This comes after numerous reports confirmed that some business entities and individuals are now rejecting all coins as well as the $2 banknote. In a few extreme cases, some […]
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 […]