RBZ fuel cash crisis, reduce cash back to $20

THE Reserve Bank of Zimbabwe (RBZ) is fueling cash crisis by directing   retailers and wholesalers to limit the cash-back facility to a maximum of $20.

 This is with  immediate effect.

"Any cash-back facility made available by retailers and wholesalers shall not exceed an amount of $20.00," it said in a statement Thursday.

The cetral bank also instructed retailers and wholesalers  to  deposit huge amounts of money in banks within 24 hours of receipt while keeping records of all their business transactions.

It also banned  the three tier pricing system which saw  different prices are quoted for cash, RTGS and point of sale users.

"Retailers and wholesalers shall sell any particular product for the same price irrespective of the mode of payment and desist from multiple pricing of goods on account of mode of payment (cash, Real Times Gross Settlement (RTGS) and Point of Sale or a combination of any two or more of them).

"For the avoidance of doubt, retailers and wholesalers shall not charge any premium for the sale and purchase of their wares on the basis of mode of payment. Similarly any cash or quantity discount shall, in accordance with best practice, be granted in the normal course of business and not on the basis of the multiple pricing system."