RBZ Reverses Own Directive On Bank Transfers
The Reserve Bank of Zimbabwe (RBZ) has reversed its earlier directive on bank transfers barely two weeks after ordering all banks to limit internal transfers to a maximum of just 2 per customer per day. The directive was part of the central bank’s efforts to cripple the black market which it accuses of causing the collapse of the Zimbabwe Dollar.
However, the directive did not sit well with the Bankers Association of Zimbabwe (BAZ) who lobbied the monetary authorities to reconsider the directive. The central bank’s Financial Intelligence Unit (FIU) listened to reason and reversed the directive. This means that people are now free to make more than 2 internal transfers a day. However, the authorities are yet to comment on whether there is a limit to the number of transfers that one is allowed to make per day.
Financial Analyst Happi Zengeni who has an inside track on financial matters in the country wrote on social media,
The Financial Intelligence Unit has revoked a directive issued to banks limiting internal transfer amounts following representations made by the Bankers Association of Zimbabwe. On June 4, the FIU directed all banks to limit internal transfers to just two per day.
The monetary authorities have received a lot of criticism for the measures they have been implementing in trying to stop the collapse of the local currency. The central bank’s Financial Intelligence Unit attracted a lot of ridicule this week when it announced that it is now targeting WhatsApp groups. The authorities warned that it is illegal to be in WhatsApp groups where people advertise foreign currency rates and threatened to block numbers and bank accounts of people in such groups.
Critics of the central bank argue that they are insincere about the cause of the fall of the local currency. The critics argue that the RBZ is the biggest player on the black market and that no business can compete against the central bank when it comes to having local currency to buy foreign currency.
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