The USD:ZWL rate on the parallel market has fallen from 45 to 40 this evening after many dealers ran out of RTGS or ZWL. The dealers were heavily affected by the change in daily limits of the Ecocash bulk agent line.
The Reserve Bank has succeed in arm twisting the largest mobile money operator Ecocash to reduce the influence their services have on the parallel market.
Savanna News spoke to dealers at Ximex today who were buying at the rate of 40 from 45. “Zvakadhakwa wangu, bulk line rakadhakiswa, rava pa50k per day. (Business is low my colleague, the Ecocash bulk agent line is now limited to RTGS 50 000 per day),” said one of the dealers known as Tamuka.
We asked them about the previous bulk agent line limits, they were not very sure but estimated it could transact as much as RTGS 1 million per day.
What is an Ecocash bulk payer?
An Ecocash bulk payer is a super agent line that can push more volume that the usual agent lines. It is meant for agents who act as mini banks to other agents. They can fund other agents from the bulk agent line.
Ecocash recently raised some of the daily and monthly transaction limits. Find out here