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Biti speaks on the banning of mobile money services

Former Finance Minister and MDC-A Vice President Tendai Biti said the banning of cash-in, cash-out and cash back transactions by the Reserve Bank of Zimbabwe (RBZ) will not stop the parallel market.

Minister of Finance Mthuli Ncube yesterday announced that the RBZ will outlaw cash-in, cash out and cash back transactions as to reduce burden on citizens who are losing value of their money.

Tendai Biti said, “The banning of Ecocash payouts will not and can’t stop the parallel market. Only structural reform can. This era of regulations, Presidential decrees and exchange control directives is a dangerous period of dirigisme. Command economics don’t work. The illegitimate regime is clueless,”

The RBZ last week froze four company accounts belonging to top ally of President Mnangagwa namely Sakunda Petroleum, Croco motors, Access Finance and Spartan Security, following the shooting up of the black market exchange rate.

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