Zimbabwe turns to regulations in bid to stem currency plunge | IOL Business Report

INTERNATIONAL - Zimbabwe has clamped down on mobile money, tightened controls on foreign-exchange bureaux and dealers and banned the quoting of prices in any currency other than its own dollar as it struggles to manage a monetary system that’s spiraling out of control.

The Reserve Bank of Zimbabwe on Monday stopped operators of mobile-money services, the dominant way in which money is moved in the country, from paying out cash. It also tightened the spread at which dealers and bureaux de change can exchange the Zimbabwe dollar to between 3% and 5% from the official rate, down from a 7% spread imposed less than two weeks ago. On Sept. 28 it banned the quoting of prices in foreign currency.

Mobile-money transactions created an implied exchange rate because some agents charged premiums of as much as 60%, Finance Minister Mthuli Ncube told reporters in the capital, Harare. “We decided to close that gap of multiple exchange rates.”

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Fashion retailer Forever 21 files for bankruptcy | IOL Business ReportFashion retailer Forever 21 Inc has filed for Chapter 11 bankruptcy as it joins a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce. busrep
مصدر: IOL - 🏆 46. / 51 اقرأ أكثر »

Let’s not cut breakfast in tough times | IOL Business ReportOPINION: Let’s all come together and feed a child today in order to break the cycle of poverty, safeguard their future, and maybe even save the country’s economy, writes Eugene Solomon. busrep
مصدر: IOL - 🏆 46. / 51 اقرأ أكثر »

Transnet reports R49bn in irregular expenditure | IOL Business ReportIrregular expenditure continues to plague Transnet as the State-owned company received a qualified external audit opinion. busrep
مصدر: IOL - 🏆 46. / 51 اقرأ أكثر »