The High Court has thrown out a challenge by EcoCash seeking the restoration of thousands of agent lines terminated without notice by the Reserve Bank of Zimbabwe (RBZ) for suspected illegal forex trading.
The court said the interdict had the effect of impeding the central bank from performing its functions in terms of the law.
In its directive last month, the central bank's Financial Intelligence Unit alleged that some mobile money agents were being used by illegal dealers in the illegal buying and selling of foreign currency.
Ecocash Private Limited early this month then approached the High Court challenging a decision by the RBZ to suspend Agent Lines on allegations of fuelling the hike in parallel market exchange rate.
EcoCash argued the clause referred to by the central bank in issuing the directive did not grant such powers.
