Economist Eddie Cross, who also sits on the Monetary Policy Committee, said the average mobile money transaction over the past 12 months was $117, while that for Ecocash which dominates the market was $116.
He said this meant that the daily limit of $5 000 would cover the majority of transactions.
“Once the situation settles down, this limit can be reviewed, but the authorities had to limit the capacity of the system to transact in buying foreign exchange,” Cross told the Herald.
“This they were doing through their agents funded by cash transferred to them by their bulk payers system. This affected only 200 or so clients and was being abused. While the measures taken will affect their agents, their clients should not be disadvantaged to any extent.”
Exchange rates on the black market had shot to $125:1 and to $141:1 for the Old Mutual Implied Rate.
The black market rate is now down to about $90 but the OMIR which had gone down to $107 by 25 August was up at $116 yesterday.
The Zimbabwe dollar is currently trading at $83.40 at the official exchange rate.
To receive Insider headlines just click on the link below:
https://chat.whatsapp.com/IjKB2tQriIv3s0CUZMVUPS
(249 VIEWS)
This post was last modified on August 29, 2020 7:18 am
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…