Zim Now Reporter
The Reserve Bank of Zimbabwe has intensified efforts to ensure fair pricing practices in the telecommunications sector following complaints that some operators are prioritizing transactions in US dollars over the local currency.
According to a statement released by RBZ, stakeholders raised concerns during consultative meetings about discriminatory pricing practices, particularly in internet data promotions, which were being offered exclusively in USD.
The central bank said it engaged the Postal and Telecommunications Regulatory Authority of Zimbabwe and the Telecommunications Operators Association of Zimbabwe to address the issue.
As a result, industry players have agreed to rationalize their pricing structures, allowing customers to purchase internet data packages using their preferred currency. The Financial Intelligence Unit will monitor compliance with this requirement to prevent unfair pricing models.
Telcoms and other businesses generally offer USD promotions in order to protect themselves against inflation and instability.
Meanwhile there is speculation that the local currency may be headed for a freefall after the central bank announced that it will be releasing larger denominations into circulation.
In a related development, the RBZ has reinforced its oversight of the financial sector by implementing stricter capital flow management measures to support trade and investment. These measures align with regional standards and form part of a broader macroprudential policy aimed at mitigating systemic risks.
Additionally, the central bank is promoting the use of normal banking channels for domestic transactions and has mandated that all trading license applicants possess a bank account and a functional Point of Sale machine. Any dormant digital transaction devices should be reported via the Reserve Bank's toll-free hotline.
Social media users have urged RBZ to also put the same measures for the fuel retail sector as filling stations continue to charge exlusively in USD.
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