The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Zimbabwe’s central bank has clamped down on mobile money, banning the purchase and sale of cash through the services, in the latest directive aimed at gaining control of a monetary system that’s spiraling out of control.
The directive, which the Reserve Bank of Zimbabwe said was necessary because of commissions charged by agents, follows an earlier announcement enforcing the use of the Zimbabwe dollar and banning the quoting of prices in foreign currency.
Ecocash, a mobile-money service operated by Econet Wireless Zimbabwe Ltd, has 6.7 million active users in a nation of about 14 million people. It’s the first time since its introduction in 2011 that its users haven’t been able to use the so-called cash-back service.
Since the Zimbabwe dollar was reintroduced in June its value has plunged to 15.19 to the US dollar from an initial rate of 2.5.