RBZ’s desperate measures will only worsen the situation

LESS than a week after the Reserve Bank of Zimbabwe (RBZ) unilaterally banned all mobile money cash-in, cash-out and cash-back transactions – before quickly backtracking, the central bank has once again pulled yet another shocker. This time around, it reportedly intends to raid individual nostro accounts of people who work for exporting companies and earning their dues in foreign currency with effect from today. The RBZ has banned all foreign currency withdrawals by the targeted individuals and they have been told to start transacting the forex into local currency.

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