Categories: BankingFinance

RBZ to start selling forex to registered Bureaux de Change

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The Reserve Bank of Zimbabwe (RBZ) has announced that it will be selling forex to registered Bureaux de Change operators to increase access of funds through the formal channels.

The statement reads as follows:

PRESS STATEMENT

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ENHANCEMENT OF ACCESS TO FOREIGN EXCHANGE BY SMALL-SCALE


Pursuant to the resolution of the Monetary Policy Committee directing bureaux de change to actively participate in the foreign exchange market to meet the foreign currency needs of small-scale enterprises and individuals, the Bank shall, with effect from 21 April 2021, sell foreign currency to registered bureaux de change for on-selling to their customers.

The bureaux de change must comply with the agreed terms of engagement which include supporting small transactions up to a maximum value of US$500 per transaction. All transactions by participating bureaux de change will be monitored through the Bureau de Change Transaction Reporting System put in place by the Bank.


This arrangement is expected to improve the efficacy of the foreign exchange market in the country and enhance the accessibility of foreign currency by the small-scale enterprises and Individuals through formal channels

John. P. Mangudya

RBZ via Twitter

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