The banning of Ecocash by RBZ has had some serious repercussions for the cashless members of the public.
Ecocash agents are now reportedly charging 100% for cash out using personal lines after their agent lines were banned.
According to a survey by Zim Price Check, Ecocash agents have found a way to stay in business charging by 100% for notes and about 80% for coins.
Cash sellers at 4th street bus terminus who normally charge 35% when people want coins are now using personal lines, merchant lines, ZIPIT and swipe machines to accept electronic currency in exchange for cash at these new steep rates.
Most small businesses are not accepting Ecocash whilst kombis are charging double if people want to pay via Ecocash which makes helpless commuters and consumers accept the 100% being charged by cash sellers.
If this is true then the plight of the commuting public has further worsened. They currently have to make-do with salaries that have been eroded by inflation and rising costs of basic goods.
Added to this, the black market forex exchange rate which dipped a bit after the banning of the lines has started picking up again.
You can see the latest prices of basic goods by clicking here.
(You can see the latest rates by clicking here)
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