Zimpapers Logo

Banks last Friday began complying  with a Reserve Bank of Zimbabwe (RBZ) directive to cut transfer limits  that can be done using the ZIPIT platform as the fight against illegal  foreign currency trading intensifies.

The RBZ said forex dealers had turned to ZIPIT, a platform that  enables instant inter-bank funds transfers, after the central bank  ordered a freeze of high volume Ecocash agent lines earlier this  month.

The Ecocash agent lines were being used to facilitate black market  foreign currency trading, which is blamed for fuelling inflation  and devaluing the local currency.

The central bank last Thursday ordered Zimswitch, which runs the ZIPIT  platform, to reduce amounts that can be transferred to ZW$20 000 a day  from ZW$100 000, and from ZW$3 million a month to ZW$100 000.

But Zimswitch, in response, said it would limit ZIPIT transactions  to one per day of maximum $3 000 in value.— New Ziana.