Zimbabwe retailers and wholesalers now required to bank cash within 24 hours

Zimbabwe retailers and wholesalers are now required to bank cash within 24 hours, according to the country’s central bank.

This arrangement was agreed last week when the central bank also directed retailers to only issue a maximum of $20 as cashback.

The Reserve Bank of Zimbabwe also promised to provide adequate point of sales machines to enhance the use of plastic money.

It is not clear how the central bank will ensure connectivity as one of the excuses retail shops and fuel service stations often give when they want cash is that their machines are off-line.

Below is the full statement from the Reserve Bank of Zimbabwe

PRESS STATEMENT ON COLLABORATION BETWEEN THE RESERVE BANK OF ZIMBABWE AND RETAILERS AND WHOLESALERS ON MEASURES TO ENHANCE REGULATORY COMPLIANCE AND USE OF PLASTIC MONEY IN BUSINESS TRANSACTIONS

The Reserve bank of Zimbabwe (the “Reserve Bank”) wishes to advise that following engagement with retailers and wholesalers, individually and collectively through their respective associations, it has come up with a framework that seeks to nurture discipline and enhance compliance with the provisions of the Bank Use Promotion Act [Chapter 24:24] and other regulatory requirements in their conduct of business.

In drawing up the framework, the Reserve Bank has been guided by the realities of the prevailing trading patterns, whereby retailers and wholesalers are an integral stakeholder in the overall circulation of currency in light of the interface and linkages with manufacturers (suppliers) and the general public (consumers) through the distribution of various commodities. To ensure the smooth circulation of currency in the economy and ease of transacting, it is imperative that all retailers and wholesalers adhere to the relevant guidelines and regulations governing their operations.

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