THE Reserve Bank of Zimbabwe (RBZ) has licensed 26 new
bureaux de change operators to facilitate the smooth operation of the
inter-bank foreign currency exchange market.
The move is in line with the 2019 monetary policy
guidelines, which has established the inter-bank facility on a ‘willing buyer
willing seller’ basis.
The new framework is a departure from the 1:1 parity
between the USD and the RTGS dollar. In
a statement, the RBZ said: “Members of the public can buy and sell foreign
currency through these institutions in line with the issued guidelines”.
The bureaux de change that have been licensed include
Fredex Financial services, Getbucks Microfinance Bank, MyCash Financial
Services, Access Finance (Pvt) Ltd, FMC Finance (Pvt) Ltd, Transformation
Financial Services, Elizabeth Florist (Pvt) Ltd t/a TSD Bureau de Change,
Zimbabwe Posts (Private) Limited, Quest Financial Services (Pvt) Ltd, Proex
Bureau de Change, Zimexpress (Pvt) Ltd and Fungioliv Investments.
Others are Kwik Forex, Campion Forex Services t/a Hand2hand
Transfers, Direct Connect Financial Services, Stalrett (Pvt) Ltd, Julisim (Pvt)
Ltd, Success Micro-finance Bank Limited, Send Money Home (Pvt) Ltd, Kuva
Sanchez, Sahara Forex Bureau Pvt. Ltd, Express Financial Services, Easylink
Money Transfer (Pvt) Ltd, Linsa Investments t/a bate Bureau de Change and Kaah
Financial Services.
When the inter-bank facility became operational in
February, the RBZ had licensed only 20 bureaux de change and now the total
number of licensed operators has risen to 46.
Economists have lauded the initiative saying it will go a
long way in bringing back foreign currency into the formal channels.
Monetary policy analyst, Mr Richford Madzetse, said once
money was brought back into the formal sector, Government will be able to
account for it.
“The development by the RBZ will go a long way in clearing
foreign currency from the parallel market. By formalising these bureaux de
change, the much needed foreign currency will be channelled back into the
formal system and from there Government will be able to account for it,” he
said.
“The black market will soon be wiped off and trade will be
conducted legally.” The inter-bank exchange rates as of yesterday indicated
that the USD and the RTGS were trading at 1: 2, 9549. Herald
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