Economic analysts have applauded the Reserve Bank of Zimbabwe(RBZ) for exercising its statutory authority against errant and unscrupulous financial sector players who have been causing financial disturbances to the detriment of the economy by imposing a blanket Cap on Transfers.
The country’s financial integrity has been under severe attack from errant economic agents causing a lot of discomfort to the general well being of Zimbabwe for long periods eroding confidence.
It is against this background that economic analysts have backed RBZ’s recently adopted hard stance against both individuals and corporates who are causing disruptions with regards to exchange rate depreciation.
Dr Prosper Chitambara, an economist described the blanket cap on internal transfers and the general Zipit transactions as the right path by the central bank in weeding out unscrupulous activities in this critical sector for the benefit of everyone however there is need for authorities to avoid over-regulating the sector as this might be catastrophic in the medium to long term.
“The Central bank’s interventions by way of capping and also putting stringent measures with regards to online financial transactions will in effect tame the runaway exchange rate to some extent and this should be done in moderation such that there is no overdose of regulation, the move is likely to result in increased demand for hard cash,” said Dr Chitambira.
Another economist Titus Mukove revealed that for long periods the economy has suffered on account of incoherent financial strategies by the central bank by way of being too lenient on unscrupulous and selfish financial services players, as such the latest moves by RBZ demonstrates its power and more importantly its willingness to solve financial challenges bedevilling the economy.
“The country’s financial risk has been worsened by the nefarious activities of errant economic players especially in the financial services hence the stance by RBZ is progressive in stemming out corrupt activities aiding parallel market operations,” said Mukove.
It is largely expected that the central bank will sustain its hard stance Against Suspicious financial activities to increase confidence levels of Zimbabweans to the country’s financial ecosystem.
