Members of the business community have called for the establishment of a monitoring taskforce to ensure retailers comply with a new set of a cash back limit of US$20 to curb the hoarding of cash.

Retailers are with immediate effect being called on by the Reserve Bank of Zimbabwe (RBZ) to bank excess collection within 24 hours, maintain records of transactions as well as to effect a cash back limit of not more than US$20.

In terms of the arrangement retailers have also been mandated by the monetary authorities to charge the same price for any particular product irrespective of the model of payments.

A commercial lawyer Mr James Makiya says while the central bank has come up with latest initiatives to prevent the hoarding of cash by industry and commerce it is high time an effective monitoring system is put in place.

“There is also that need to ensure the smooth development of the pricing systems to boost the viability of productive sectors of the economy,” he said.

The new regulations are likely to facilitate the smooth circulation of money and avoid long banking queues, according to a local businessman Mr Wellington Koke.

“It is another element that might boost confidence of this economy at a time when we still need more investments,” says Mr Koke.

The central bank says it will be working with the wholesalers and retailers in ensuring that there is adequate distribution of the point of sale machines in order to enhance the use of plastic money in different sectors of the economy.ZBC Online news