Members of the public are entitled to buy US$50 per week at
the prevailing auction rate.
The Reserve Bank of Zimbabwe (RBZ) monetary policy
committee (MPC) meeting held last month paved the way for members of the public
to access forex.
Given that the official rate is almost half of that
prevailing on the parallel market, the announcement has been welcomed by many
Zimbabweans.
This week’s official RBZ auction exchange rate is at
US$1-$86,21 while the black-market rate is between $160-$170 to US$1.
Previously, there were no provisions for the general
public, especially those seeking to do domestic transactions in forex, without
passports or receipts for external payments, to purchase US dollars from
bureaux de change.
Most people were resorting to buying forex on the black market.
In terms of the MPC’s resolutions, members of the public
wishing to buy foreign currency are now able to approach any registered bureau
de change. They are supposed to produce a national identity card to buy the
prescribed maximum amount of US$50 per week at the official RBZ ruling auction
exchange rate including a 10 percent commission.
The intervention by Government comes on the backdrop of a
widening gap between the official exchange and black-market foreign exchange
rates, which made it difficult for ordinary citizens to afford small value
transactions that require hard currency.
A Chronicle new crew yesterday visited one of the selected
bureau de change offering the facility and observed long queues.
People who spoke to the news crew yesterday welcomed the
move, but were quick to highlight their challenges in terms of accessing the
hard currency.
Mr Kenneth Moyo urged RBZ to increase the number of
financial institutions selling forex.
“This is quite commendable and we applaud Government for coming
up with such a brilliant facility given the ridiculous rates on the black
market. For some of us who pay rent in US dollars, this is a relief to us,” he
said.
“However, it is worrying to note that people are forced to
queue for long hours, some sleeping in the queues because there is a limited
number of customers being served per day. We urge RBZ to increase the number of
the financial institutions offering this facility by including all registered
banks.”
Mrs Anna Dube who travelled all the way from Zvishavane,
said she arrived at one of the bureau de change at 4AM and was given card
number 60.
“The security guard gave me card number 60, but to my
dismay, there were less than 20 people in the queue. We are told that one has
to bribe the security guard with US$5 to be given first preference. I wish the
RBZ could address that issue,” she said.
Mr Senzi Ncube said for the past days he has been queuing
to buy forex with no success due to confusion and a limited number of people
being attended to per day.
“They give us queuing cards by security early morning and
when the manager comes, he issues new cards and at the end of the day, you are
left out. They only serve 130 people and we urge Government to look into this.”
“I heard about this facility last Thursday and decided to
wake up as early as 3AM on Saturday and come here, but unfortunately the queue
was already long and I failed to buy forex because it was half day and they
only served 80 customers,” she said.
“Today, I am here again and I am hoping if I get US$50, I
will be able to pay school fees for my daughter who is doing Form One since the
school wants payment in forex. I will also be able to buy a meaningful grocery
since it is cheaper in forex.”
Ms Dube appealed to RBZ to consider extending the facility
to all banking institutions to avoid crowding.
“As it is I brought my three-year-old baby to the queue,
which is risky. I should be at work right now but because of delays I am still
here. We will appreciate this effort by Government, we appeal for this facility
to be availed to all banks in Bulawayo,” she said.
Ms Dube said there was lack of transparency in the whole
process with some money changers manipulating the systems. It also emerged that
some people were bribing security guards to jump queues.
“Some money changers are also capitalising on the loopholes
by using the same card to swipe using different identity cards since what is
required here is just an ID. Security guards are also being bribed US$5 by some
people who don’t want to stand in the queue for long hours,” she said.
Mr Senzi Ncube said some money changers were working in
cahoots with unscrupulous individuals to buy forex by transferring money into
their accounts and selling the money on the black market at higher rates.
“You will find that these individuals queue on behalf of
money changers and after buying the forex they get premiums,” he said.
Ms Patricia Ngwenyama, who is diabetic, said she uses the
money to buy medication and to pay rent. Chronicle
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