UPDATE: RBZ Selling Forex To Bureaux De Change -Fresh Details

The Reserve Bank of Zimbabwe (RBZ) recently announced plans to sell foreign currency (forex) through the bureaux de change to enhance access to forex by small-scale enterprises and individuals.

The new development will see bureaux de change buy forex from the RBZ at the prescribed limit every Wednesday at the ruling weighted average exchange rate.

The bureaux de change will be allowed to on-sell at a margin of not more than 8 per cent of the weighted average exchange rate from the main auction.

RBZ Governor Dr John Mangudya says the central bank plans to sell US$1.1 million to bureaux de change every week and he believes the amount will go a long way to feed the lesser market. He said:

_This third window improves the inclusivity of access to foreign currency in the economy and should serve as many as 2 100 customers per week._

_The SME foreign currency auction system served 293 customers on Tuesday, so for now we believe the US$1,1 million will be enough, but we will review it depending with the market demands._

From bureaux de change, individuals and institutions can buy any amount, up to a maximum of US$500 per day.

However, bureaux de change will only be allowed to sell foreign currency to individuals and MSMEs that have supporting invoices or travel documents.

Reads part of a circular signed by the RBZ’s director of exchange control, Mr Farai Masendu:

_Foreign currency shall be sold for the purpose of international payments and travel and, shall be supported by invoices or travel documents as per operational guidelines for bureaux de change issued in December 2019._

_For the avoidance of doubt bureaux de change shall not sell foreign currency to any natural or legal person without the required proof._

The use of national IDs or passport numbers for individuals or company number as it appears on the form No CR14 is expected to prevent repeated or transactions of more than US$500 by the same individuals or company on the same day.

Beneficiaries of forex through bureaux de change are expected to provide acquittals for funds previously purchased from bureaux de change through providing proof of funds transfer or immigration stamped passport before accessing more funds.

More: Pindula News; Chronicle

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