With the high, almost unpredictable fluctuations of the Zim Dollar to USD, the money in our banks is decreasing more and more in value. So this means that you might just need to make transactions and withdrawals of larger amounts to be able to acquire the same things you did before. However, the new measures set in place by the RBZ might not be making it easier.
New RBZ MeasureĀ
RBZ Governor Dr John Mangudya in the latest Monetary Policy Statement announced an increase in transaction limits on mobile banking.
The increases are as follows:
- Person to Business : ZW$20 000 to ZW$25 000 per transaction with a maximum limit of ZW$100 000 per week
- Person to PersonĀ Ā : ZW$5 000 to ZW$10 000 per transaction with a limit of ZW$70 000 per week
In addition to transaction limits, the RBZ also announced cash withdrawal limits for the banking public which is from ZW$2000 to ZW$5000 per week.
We get why this might be done…but
From past similar decisions, we can deduce that transaction limits are put in place to combat the current black market money activities which have a detrimental effect on the economy when left ungoverned. However, the measures can prove to be a disadvantage for the ordinary person who is paid electronically and might no longer be able to buy essential all at once.
The limits on mobile money proved to be a challenge in the case of the Zimbabwean hero who jumped into a fire to save strangers. The public was moved to cover the hospital bills, however, many weren’t able to continue contributing as the recipients ecocash had reached its weekly limit.
What do you think could be done about this money situation?
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