MDC Criticises RBZ Over RTGS$100 Cash-out, Cash-In Limit

The MDC has castigated the decision by the Reserve Bank of Zimbabwe (RBZ) to cap cash-in and cash-out mobile money transactions at ZWL$100.00.

MDC Secretary for Elections, Jacob Mafume, said the $100 is not enough to buy something meaningful and will force citizens to do multiple transactions. Writing on Twitter, Mafume said:

Probably some foreign currency guzzling big wig forever on trips RBZ official thinks 100 Zim nonsense can buy a lot. It’s not US dollars and this just increases the cost to the person as one has to do multiple transactions. Its breathtaking stupidity on a bronco.

The central bank on Monday ordered mobile money operators to suspend cash-in and cash-out transactions in a move meant to contain the rampant abuse of the platforms by cash barons.

However, the apex bank reversed the move 48 hours later but limited transactions to only $100 from $500 that was in place before Monday’s ban.