RBZ To Introduce Bureaux de Change Transactions Reporting System

The Reserve Bank of Zimbabwe (RBZ) recently announced that it will introduce a Bureaux de Change Transactions Reporting System (BDCTRS) with effect from 1 September 2020.

In his Mid-Term Monetary Policy Statement issued on 21 August 2020, RBZ Governor John Panonetsa Mangudya said the introduction of the BDCTRS will improve efficiency and effectiveness of the operations of bureaux de change. Part of the statement read:

With effect from 1 September 2020, the Reserve Bank will introduce a Bureaux de Change Transactions Reporting System (BDCTRS), in order to improve efficiency and effectiveness of the operations of bureaux de change.

The BDCTRS is a web-based system through which all bureaux de change and money transfer (remittance) transactions shall be reported to the Bank on a real-time basis.

In line with the provisions of Statutory Instrument 104 of 2015, all Authorised Dealers with Limited Authority must be configured to interface with the BDCTRS.

In this regard, all bureaux de change and money transfer business entities will be required to connect to the system.

Users of the BDCTRS will be trained on how to use the system before rollout.

Download the BancABC Extract from Exchange Control Directive RV176/2020 HERE

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