Source: BREAKING: RBZ brings back cash-in, cash-out | The Herald 02 OCT, 2019
Herald Reporter
The Reserve Bank of Zimbabwe (RBZ) has today brought back the cash-in, cash-out and cash-back facilities attached with stringent rules.In a statement, the RBZ advised payment system providers and agents that the cash-out facility is now capped at $100 per transaction with immediate effect. Existing operational cash in and cash-back limits shall remain.
“The Directive (NPS 01/2019) on cash-in, cash-out and cash-back facilities was issued to protect the transacting public from some mobile banking agents leveraging and abusing the payment ecosystems.
“Payment systems by their nature play an important role of providing a mechanism or highway to facilitate economic activities in the country. As such, the Reserve Bank continues to promote digital financial services which contribute to financial inclusion and stability. Cognisant of that, enhanced monitoring mechanisms have been put in place by both the Reserve Bank and Payment System Providers to mitigate against abuse of payment systems and ensure abusers are brought to book,” reads the statement
The RBZ said it will be injecting cash into the economy without changing money supply with banks exchanging existing RTGS balances for cash thus maintaining the current monetary base.
“Financial institutions and Agents are required to strictly adhere to the Know Your Customer (KYC) and Customer Due Diligence (CDD) principles for all their customers at all times and ensure that there is no abuse of the payment systems. Going forward, the Financial Intelligence Unit shall enhance monitoring of financial activities to ensure compliance.”
COMMENTS
They are drunk aren’t they, to do such a flip-flop on fundamental matters. How can they have been saying banks max ZW150 while allowing a corner kiosk to do ZW500? ZWL100 when most banks struggle with 20? Drunk? Pray cash-in is real cash and not agent receiving BP and USD then just posting it at high rates as ZWL to then join national RTGS pool. That would be inflationary as it introduces more RTGS for USD that may never be visible in national coffers, to then be used to import luxuries by the agent while you lack medicines, the RTGS chasing local goods and poor doctors’pay cannot match this. Cash at bank is monitored in vaults with security and there is trail. In a time of cash shortage as long as you have corner kiosks handling cash in paper bags there is a problem that should wake up responsible monetary authorities from their deep slumber, if they are not benefiting in the mist. Who are these people cashing in and why do they do that given the shortages? Why would they continue to cash in when cashout is restricted? What happens if someone cashes out 600 times in one day?
Good point! Can these guys run a country? No ways! Providing guesswork solutions and experimenting on economic solutions does not take the country anywhere.