You can now buy Forex at the official rate from exchange bureaus: RBZ
In a big development, the Reserve Bank of Zimbabwe announced that individuals will now be able to purchase foreign currency from exchange bureaus at the official rate. Given that the official rate is almost half of that prevailing in the parallel market, this announcement will be welcomed by many Zimbabweans.
The decision to allow individuals to purchase foreign currency from exchange bureaus at the official rate was taken at the last meeting of the Reserve Bank of Zimbabwe’s monetary policy committee. This decision aims to promote financial inclusion among ordinary people.
However, please note that individuals are limited to purchasing US $ 50 per week, with a monthly limit of US $ 200. Monetary authorities have allowed exchange bureaus to apply a 10% premium on transaction fees. Since the official auction rate hovers around 85 (85.91 to be precise since last week), that means the effective auction rate will be 95.91. Since the black market rates are between 140 and 160, most people certainly won’t care.
Some of the resolutions of the central bank MPC meeting are as follows:
Further liberalize currency exchange operations to promote financial inclusion by allowing them to process low value foreign currency transactions of up to $ 50 per person per week based on individual identities, fees and commissions charged by exchange offices not exceeding 10% per transaction.
Reactions to the announcement have been mixed. Some hailed the move saying it would prevent them from being milked in the parallel market. However, others have expressed skepticism about the sustainability of the policy in the long term. They pointed out that this policy presents a chance for arbitrage by those who are logged in and will have access to forex.
Here are some of the reactions to the announcement.
It’s a good effort to @ reserve bank to manage the rate always spiraling. Since most landlords require rentals in USD, this will ease the pressure on tenants. What measures are in place to prevent manipulation of the system by the owners of the bureau de change? https://t.co/BkiHsbGwVL
– Linda Tsungirirai Masarira (@lilomatic) September 1, 2021
I’m just wasting time with stupid policies…. “Bacossi Forex” will not work as long as it is below true market value… This is just another opportunity to “commodify” forex. It will be bought at the Bureau de Changes (by the lucky & connected) & sold in the street. SET THE BID! https://t.co/jSXKHFQj0L
– Kudzai Mutisi (@KMutisi) September 1, 2021
Since the rate is now $ 160 (double auction), every unemployed person would be in line to buy US $ 50 for resale in the parallel market. It is an offer of free money. It will not arrive. https://t.co/4ZH4M1UUc0
– Edmund Kudzayi (@EdmundKudzayi) September 1, 2021
Harisi rava gap from those who are logged in to collect money on behalf of all commoners here iri
– Themba Musekiwa (@MusekiwaThemba) September 1, 2021
🔥 🔥 🔥 I just don’t know the level of knowledge in economics that has contributed to this new political position of @ReserveBankZIM.
This is only an arbitrage opportunity. https://t.co/SZFayRdGds
– Shingai Ndoro (@shingaiRndoro) September 1, 2021
We always export
– Nick Mangwana (@nickmangwana) September 1, 2021
.Good news… 3 million jobs created… we are now “money changers” 😂😂😂😂 https://t.co/PzRLrdGfs3
– Dr Sekuru Chirasha (Phd) (@ mafirakureva18) September 1, 2021
Loool how long will it last? December tinoroora chete https://t.co/NEEXESAzyF
– Dhira (@Sir_Zachi) September 1, 2021
What planet do you think this will work on?
Shuwa, you haven’t learned anything?
Congratulations on opening up more opportunities for theft and looting as I can guarantee that the common man will NEVER benefit from it.
The connected and the rich will.
Mirai muwone https://t.co/8DxE3hAP2Z
– Paidamoyo Chidemo (@ PaidamoyoChide1) September 1, 2021
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