New Zipit limits: The Reserve Bank of Zimbabwe has reduced Zipit daily and monthly limits. The new zipit limits have been announced by the Reserve Bank Financial Intelligence Unit.
Part of the statement to all banks read:
“Temporary Downward Review of ZIPIT Limits to ZW$20,000 per Day and ZW$100,000 per Month The FIU has noted that the existing ZIPIT transaction limits which have no monthly cap are being misused, primarily for illicit foreign currency transactions.
The current ZIPIT limits of ZW$100,000 per day allow a customer (subject to any bank-specific limits) to move about ZW$3 million per month, using a single account, and much more if he / she is multi-banked and / or uses third party accounts.
The FIU has noted KYC shortcomings in the ZIPIT system that make it difficult for banks, regulators and law enforcement agencies to speedily identify counter-parties to a transaction, or to identify multi-banked users. Until such time when adequate safeguards are built into the ZIPIT system to minimize the money laundering risk, ZIMSWITCH is directed to implement, with immediate effect, daily and monthly ZIPIT limits of ZWS20,000 and ZWS100,000, respectively.
The limits have been arrived at cognizant of the reality that very few Zimbabweans earn more than ZW$100,000 per day, and those who do have other payment options available for higher value transactions.”
The the RBZ cites money laundering, it is believed the the reduction in Zipit limits has been necessitated by the rapid rise in the foreign currency rate on the black market. The rate peaked at $75 perr every USD1. The official foreign currency exchange rate is 25. The moves comes after the government recently blocked the use of Ecocash agent lines and closed bulk paying lines.
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