#MondayBlues: RBZ Playing Games With Ecocash Forex Players


The Reserve Bank of Zimbabwe (RBZ) must think we are all fools, as they, unfortunately, continue to massage their foreign currency dealers on Ecocash, the same way they have always massaged and protected their interests when they dealt with illegal forex dealers in 2008.

By Toneo T Rutsito

They surely know who exactly is funding the black market, it takes an O’level student to track money flows from the recipient all the way to the actual source, all other news is nothing but utter nonsense and they must just shape up or shut up!

Threatening to block Ecocash and other mobile money payments from cashing in last week was nothing but a smokescreen, a mere playwright act that was meant to make people believe they are doing something about crazy foreign currency rates.

But that is where my problem is, why are we fixing the effects of a problem and completely ignoring the real cause of it thereof.

The real problem at Ecocash was never that of exorbitant cash in and cash out rates. Why would any same Zimbabwean pay a premium for cash when the RBZ is providing the same currency through the known banking and financial channels.

Why would they just decide to wake up and make noise to us threatening the few if not the only public outlets giving out cash in Zimbabwe?

Why are Zimbabweans not simply getting cash from banks, the little salary they are earning, why are we subjecting our own people to suffer when all they earn is peanuts after all and now we are busy tightening screws and making life even harder for them.

What happened to our social fabric, isn’t it that we are human first and must understand the crisis which forces the elderly to go sleep overnight in the streets at POSB banks only to get less than $300 bond notes, is this not just pure evil?

If the Reserve Bank Of Zimbabwe with all its financial “intelligence ” unit does not know who is supplying digital money in Zimbabwe to buy forex then I don’t know why someone has not been fired yet.

Digital currency used for laundering is unheard of! Any illegal activity that is done must be successfully done using cash because cash has no trails but in Zimbabwe, even the digital transactions have no trails as well, how low and stupid is our narrative.

Limiting cash supply from the formal banks certainly controls inflation against uncontrolled money supplies true, but you can not use the same methodology to shut down money access from banks, the effects are even worse, hence people pay premiums that then shoot inflation even higher.

Most banks in Zimbabwe are either giving out cash once every week while some have completely stopped issuing out the same bond notes.

Issuing out of coins can help against financial illicit deals because illegal; traders do not appreciate coins at all, but these can still circulate in most normal transactions, not the best solution but still, it works very well.

Instead of however running these 50cents coins in this highly inflationary environment it would be noble for the authorities to even introduce $5 and $10 coins.

Yes its unheard of to print $10 notes on coins, but there are many things unheard of in this country, there is nothing to then stop such a move because definitely inflation is shooting and fundamentals are still yet to be addressed.

Making noise about Ecocash transactions is nothing but pure ignorance of operational issues and blaming someone else for the same problem one has created themselves, its purely stupid and deserves this contempt.

If the RBZ is serious about clamping down forex traders, they must simply tag suspicious huge transactions which we all know are used to buy forex via transfers and follow them up all the way down to understand what exact product were all these beneficiaries buying to receive these split funds.

Some of the questions we want to be answered are: why are the known forex dealers and traders scott free, what’s the update on the so-called frozen accounts, how much was there when they were frozen, who owns them and how close are they to the authorities?

If you then understand these issues you would definitely be pissed as hell and understand why I suggest that the RBZ is just playing games with us!

FBC bans forex withdrawals

Previous article

#MondayBlues: ZOL CEO Quits For Liquid SA

Next article


Leave a Reply