Members of the Parliamentary Portfolio Committee on Public Accounts have raised concern over premiums being charged by Ecocash agents across the country and the existence of new bond notes on the parallel market.
Parliamentarians have raised the red flag on Ecocash-transaction premiums and the existence of new bond notes on the parallel market following complaints from the public.
Legislators raised the issue during the committee hearing where they sought clarity from åcentral bank Deputy Governor, Dr Khupukile Mlambo.
“We have seen crispy bond notes on the market, especially along fourth street, but you have indicated that no-more printing of notes? What is really going on at the central bank? We have ecocash agents taking 40 dollars for cash-out and people end up with nothing considering that everyone is paid through RTGS. What is the RBZ doing with these scenarios?” asked legislators at the committee hearing.
However, Dr Mlambo indicated that the central bank is not part of the parallel market adding that issues regarding ecocash agents need to be addressed for the good of the transacting public.
“We know the parallel market is there and it is a sign that something is not right with the systems. Remember that the interbank market is still new, hence challenges within the market. We are not playing in the parallel market and our duty is to interact with commercial banks and we have not received any reports regarding suspicious transactions. The Ecocash issue needs attention, as we are also doing with Bureau de Changes addressing the pricing issue. Now that we have a monetary policy statement of some sort, we can implement considering we have been using moral suasion all this while,” he said.
The public has raised concern over premiums being charged by Ecocash agents, who are demanding between 30 and 60 percent per transaction.