Government Flexes Forex Trading Administrative Limits

The government on Tuesday relaxed the administrative limits for forex trading which it had stipulated back in February when they introduced Interbank markets licences to sell and buy forex.

The requirements included a daily transaction limit of $10000 a day and 2.5% maximum profit per day margin to the bureau de change and banks that wanted to be licensed to do forex trading.

On Tuesday however, the government made a U-turn after it outlawed the multi-currency system and gave a green light to the mono currency system.  The Herald quoted the RBZ Chief Dr Mangudya saying:

What it means is that bureaux de change are no longer restricted to US$10 000 limitation on their transactions and we have removed the 2,5 percent on the margin for banks and bureau de change to ensure they operate freely to make the interbank market efficient.

Banks and bureau de changes can now trade freely without restrictions from the RBZ.

More: The Herald


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