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.”

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