RBZ Doubles Limits For Electronic Funds Transfer

The Reserve Bank of Zimbabwe (RBZ) on Friday, 01 November, reviewed upward transactional limits for payments made via mobile money and electronic funds transfer platforms.

In a statement, the RBZ said the review of transactional limits was in line with the movements in the official rate and meant to support the payment of goods and services in the ZiG. Said the central bank:

The Reserve Bank of Zimbabwe wishes to advise the public that transactional limits for payments made via mobile money and electronic funds transfer platforms have been reviewed upwards to further support the payment for goods and services in ZiG.

To reflect the movements in the official rate, the transactional limits have been reviewed…

The RBZ doubled the transaction limit for person-to-person (P2P), person-to-business (P2B), and ZIPIT from ZiG2 400 to ZiG4 800. The monthly limit for all three types of transfers/payments is now capped at ZiG16 000, up from ZiG8 000.

The RBZ also reviewed electronic fund transfer limits. The business-to-business (trade payment batches) limit was set at ZiG560 000, up from ZiG280 000, whereas the transaction limit was set at ZiG48 000, up from ZiG24 000.

For the business-to-person transactions, the batch limit was set at ZiG160 000, up from ZiG80 000, while the transaction limit was raised to ZiG16 000 from ZiG8 000. Added the central bank:

For the transacting public’s convenience, the bank will continue to monitor transactional limits and review them to promote a cash-lite economy and continued ZiG stability.

On September 27, the central bank devalued the ZiG by 43%, responding to a significant widening of the gap between official and unofficial exchange rates.

The new rate set the ZiG at 1:23.4 against the US dollar, a decline from the previous rate of 1:14.1.

Since that devaluation, the ZiG has continued to weaken against the US dollar. As of Friday, November 1, the official exchange rate stood at 1:28.68.

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