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The ‘Interbank Foreign Currency Exchange Market’ Now Makes It Possible To Move US Dollars Between Local Banks

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Following the introduction of the Interbank Foreign Currency Exchange Market (IFCEM), which allows banks to exchange foreign currency between banks and Bureau De Changes, you will now be able to easily transfer or move your US Dollars between local banks.

Before today, it was technically impossible to do that as there was no central system (like the RTGS system) that could facilitate that type of a transaction. If you needed to transfer the US dollars, you’d have had to draw them out of your bank and then physically go with them to another bank to deposit them- which is quite tedious.

But tedious is one for it, entities like companies found it to be almost impossible to move their money from one bank to another because they weren’t able to physically draw out something like $20 000 (for instance) from their bank. So with the new IFCEM companies or individuals will not have a hard time to move their money hence the flow of business will be much enhanced.

Download the Monetary Policy Statement 

Also Read: Here Are The Answers To All Your Questions About The RTGS Dollars

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4 thoughts on “The ‘Interbank Foreign Currency Exchange Market’ Now Makes It Possible To Move US Dollars Between Local Banks

  1. I thought USD pricing or multicurrency pricing has been done away with for local trade and replaced with RTGS Dollar. How can we now talk of buying USD priced goods through the interbank platform? Balance me on this one please….

  2. All this proves that Zanu is yet try to fool people nothing is going to work here. Rentals, bread, petrol generally everything is climbing and will continue to do so just watch. We need to bring usd back that the only thing to stabilise. Nothing backs Zimbabwe’s money until they get this right Zim dollar is a useless piece of paper. This is dejavu.

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