If you remember, last week the government made it illegal to trade in foreign currency without a licence. Statutory Instrument 112A of 2017, Exchange Control (Amendment) Regulations 2017 (No 5) has led to many people being arrested for dealing in foreign currency without a licence or dealing through unauthorised persons.
The RBZ maintains that this is to ensure the orderly dealing in foreign currency.
The RBZ understands that you may still want to get USD (for whatever you use USDs for, no judgement) and since you cannot get that from your dealer at Eastgate any more they have produced a list of the licensed dealers so you don’t hang out to dry. There are some proper lads there at the RBZ, thinking about us.
The RBZ maintains that the bond note is pegged equally against the USD and says the following is the permissible currency exchange:
- 1 Bond Note: 1 United States Dollar (USD)
- The exchange between the USD or Bond Note with other currencies shall be at a fee spread of not more than 10% of the nominal value of either currency.
The RBZ advises that you still can apply for a licence to trade in currencies. Opportunities still exist for interested parties to apply for bureau de change licences. You can do that by applying to the Exchange Control Division for licensing. Download the application forms on the RBZ website here.
Below is the list of licensed Money Transfer Agencies (MTAs) and Bureaux de Change:
|MTA - Tier 1||MTA - Tier 2||Bureaux de Change|
|BancABC||Getbucks Financial Services (Pvt) Ltd||Artmount Trading (Pvt) Ltd T/A Zimexpress|
|People's Own Savings Bank (POSB)||Bonga Travel & Financial Services (Pvt) Ltd||Access Finance (Pvt) Ltd|
|Econet Wireless (Pvt) Ltd||Metbank Ltd||SuperDeal Enterprises (Pvt) Ltd T/A Lamcent (Pvt) Ltd|
|Express Financial Services Ltd||Telecel (Pvt) Ltd||Nissi Global (Pvt) Ltd|
|Ecobank Zimbabwe Ltd||Solten Financial Services (Pvt) Ltd||Kwikforex|
|Central African Building Society (CABS)||Fredex Financial Services (Pvt) Ltd||Elizabeth Florist|
|Easylink Money Transfer Ltd||CBZ Bank Ltd||Juilisim (Pvt) Ltd|
|Send Money Home (Pvt) Ltd||Simukai Financial Services Ltd||Afro Price (Pvt) Ltd|
|Steward Bank (Pvt) Ltd||Champion Forex Services T/A Hand2Hand||Success Microfinance Bank Ltd|
|FMC Finance||NMB Bank Ltd||Mahenye Investments T/A Acacia Bureau de Change|
|Zimbabwe Post (Pvt) Ltd||OK Zimbabwe Ltd T/A OK Money Wave||Minipec Bureau de Change (Pvt) Ltd|
|Agricultural Bank of Zimbabwe T/A Agribank||Kaah Express Financial Services (Pvt) Ltd|
|Sahara Forex Bureau||FBC Bank limited|
|ZIMSEND (Pvt) Ltd||Stanbic Bank Zimbabwe Limited|
|Meikles Financial Services|
|Quest Financial Services|
|ZB Bank Ltd|
|Direct Connect Financial Services|
|Zympay Zimbabwe Ltd|
|Kumusha Fintech (Pvt) Ltd|
If you intend on walking into these places with your bond notes looking for that sweet 1:1 with the USD remember that they will trade with you availability of the USD permitting. The RBZ maintaining that exchange between the USD and bond note is 1:1 won’t help as you will probably be told, ‘yes the exchange rate is 1:1 but unfortunately we do not have US dollars at the moment but if you have USD with you we would be glad to exchange at 1:1 with our bond notes.
The RBZ may choose to be stubborn and insist that the bond note and the USD are pegged equally but all this does is make it difficult for us, ordinary citizens, to get that USD, which is probably their goal. Market forces do not lie, okay, they can be manipulated but the fact remains the bond is not equal to the USD in the market (streets). This insistence on 1:1 suppresses trade when coupled with criminalising foreign currency trading without a licence.
This whole analysis could be wrong and the above listed licensed companies could be dishing out USDs so you can at least try them all.
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About RBZ
Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes