RBZ TAKEN TO COURT OVER FOREX

 Linda Masarira has taken the Reserve Bank of Zimbabwe to court over forex to pay for passports, petrol and rentals as well as other needs.

Masarira said RBZ should amend the regulatory framework for the public to easily and freely access foreign currency from bureaux de change or banks since informal markets were criminalised.

"My obligations have been largely monetised in United States dollars. Pursuant to the multi-currency regime and some goods and services such as passports, vehicle import duty and fuel are exclusively sold in foreign currency,” Masarira submitted in her application where she cited the RBZ as the respondent.

“The government agencies have been the biggest culprit demanding payment exclusively in forex notwithstanding its dereliction of duty in availing sufficient forex.

"The existing legal framework in respect of the trading of foreign currency needs to be broadened to enable the general public to purchase forex with relative ease and convenience.”

"The respondent [RBZ] has failed to ensure that forex is available in banks. Until recently, only a handful of elites could purchase forex at the Dutch auction system which was launched on 23 June 2020. There was no provision for ordinary citizens like myself to purchase forex,” she said.

“While the respondent prioritises access to forex by importers with verifiable foreign invoices, as indicated in the 2024 Monetary Policy Statement, little consideration was given to individuals like myself who require smaller amounts of forex for everyday purchases.”

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