RBZ to start selling forex to registered Bureaux de Change

The Reserve Bank of Zimbabwe (RBZ) start selling forex to registered Bureaux de Change operators to meet the foreign currency needs of small-scale enterprises and individuals.

This follows the resolution of the Monetary Policy Committee directing bureaux de change to actively participate in the foreign exchange market.

In a statement, RBZ governor Dr John Mangudya said the Bank shall sell foreign currency to registered bureaux de change for on-selling to their customers with effect from 21 April 2021.

“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,” reads the statement.

The bank has put in place the Bureaux de Change Transaction Reporting System through which all transactions by participating bureaux de change will be monitored.

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.

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