Reserve Bank of Zimbabwe (RBZ) Network Glitch Affects All Banks
The Reserve Bank of Zimbabwe (RBZ) has explained why banking transfers and other services have been disrupted. This follows reports from various banks about problems with a key payment system after the central bank faced a network issue.
Several lenders, including the Central African Building Society Ltd., the largest mortgage provider in the country, informed customers that the real-time gross settlement platform was not operational.
On Monday, the RBZ acknowledged a “technical challenge” that could delay certain banking services, emphasising that they are actively working to fix the problem. Their website was offline for the entire day on Tuesday, making it impossible to access the official exchange rate for the local currency, the gold-backed ZiG.
In a statement, the RBZ said,
“The Reserve Bank of Zimbabwe wishes to notify all stakeholders of a technical challenge being experienced on our network. This is affecting most systems and may result in delays in some banking services. We are working diligently to restore all services and will be providing updates as necessary. We appreciate your patience and understanding.”
The outage has rippled through the economy. Large retailers and local councils, who rely on the RBZ’s exchange rates to price goods and services, were left without guidance. Even the Zimbabwe Stock Exchange could not settle payments due to the system downtime.
Commenting on the disruption, Lawrence Nyazema, president of the Bankers Association of Zimbabwe, explained that the RBZ’s main system being offline created a domino effect across the financial sector. He acknowledged that some services had been partially restored but stressed that widespread delays were still being felt.
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The post Reserve Bank of Zimbabwe (RBZ) Speaks on Technical Issue Affecting All Banks appeared first on iHarare News.
