We Will Remove Cash Arbitraging Opportunities - ED Responds To The Cash Crisis

The President of Zimbabwe yesterday addressed the cash crisis ravaging the country which saw the RBZ banning Mobile money Cash-In and Cash-Out transactions as they were now fueling exorbitant cashout charges to the masses.

Addressing parly during yesterday’s SONA the president revealed his plan to totally remove hard cash arbitragers in the country:

The government is fully aware of the challenges faced by the public in accessing cash, which has resulted in some unscrupulous traders selling cash in exchange for electronic money.

Appropriate measures are being taken to address the cash situation, which include a gradual removal of arbitrage opportunities” created through multi-tier pricing.

We are determined to consolidate digital financial services which are contributing to the creation of financial inclusion by way of delivering banking services to previously unbanked and vulnerable groups of our population

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The RBZ directive has however fueled dire consequences as people who are now selling cash have increased their charges. Some agents are now charging 100% for notes and 80% for coins according to some reports.

More: ZBC News Online.