You Can Now Buy Forex At Official Rate From Bureaux de Change: RBZ
In a great development, the Reserve Bank of Zimbabwe has announced that individuals will now be able to buy forex from bureaux de change at the official rate. Given that the official rate is almost half of that prevailing on the parallel market, this announcement will be welcomed by many Zimbabweans.
The decision to allow individuals to buy foreign currency from bureuax de change at the official rate was made at the last meeting of the Reserve Bank of Zimbabwe’s monetary policy committee. The move is meant to promote financial inclusion among ordinary people.
However, please note that individuals are limited to purchasing US$50 per week, for a monthly limit of US$200. The monetary authorities have allowed bureaus de change to put a premium of 10 per cent in transaction fees. Given that the official auction rate has been hovering at around 85 (85.91 to be precise from last week) this means that the effective rate will be 95.91. Given that rates on the black market are ranging between 140 and 160, most people definitely won’t mind.
Part of the resolutions from the central bank’s MPC meeting are as follows:
Further liberalising the operations of bureaux de change to promote financial inclusion by allowing them to process small value foreign currency transactions of up to US$50 per person per week on the basis of individual identities, with charges and commissions levied by the bureaux de change not exceeding 10% per transaction.
Reactions to the announcement have been mixed. Some have welcomed the move saying that it will save them from being milked on the parallel market. However, others expressed scepticism over the sustainability of the policy in the long term. They highlighted that this policy presents a chance for arbitrage by those who are connected and who will have access to the forex.
Below are some of the reactions to the announcement.
This is a good effort by @reservebank to manage the ever spiralling rate. Considering that most property owners demand rentals in USD it will ease off pressure for tenants. What measures are in place to avoid manipulation of the system by the owners of the bureau de change? https://t.co/BkiHsbGwVL
— Linda Tsungirirai Masarira (@lilomatic) September 1, 2021
Just wasting time on silly policies…. “Bacossi Forex” won’t work as long it’s below true market value… It’s just another opportunity for “commodifying” forex. It will be bought from Bureau de Changes (by the lucky & connected ones) & sold on the streets. FIX THE AUCTION! https://t.co/jSXKHFQj0L
— Kudzai Mutisi (@KMutisi) September 1, 2021
Given that the rate is now $160 (double auction), every jobless person would be in line to buy US$50 for onward sale on the parallel market. It’s a free money offer. Not going to happen. https://t.co/4ZH4M1UUc0
— Edmund Kudzayi (@EdmundKudzayi) September 1, 2021
Harisi rava gap of those who are connected to collect money on behalf of all us commoners here iri
— Themba Musekiwa (@MusekiwaThemba) September 1, 2021
I just don’t know the level of economics literacy that was the input to this new policy position by @ReserveBankZIM.
This is just but an opportunity for arbitrage. https://t.co/SZFayRdGds
— Shingai Ndoro (@shingaiRndoro) September 1, 2021
We are still exporting
— Nick Mangwana (@nickmangwana) September 1, 2021
.Great 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 is this going to run for ? December tinoroora chete https://t.co/NEEXESAzyF
— Dhira (@Sir_Zachi) September 1, 2021
On what Planet do you think this will work?
Shuwa have you guys learnt nothing?
Congratulations on opening up more opportunities for stealing & looting coz I can guarantee you that the ordinary man will NEVER benefit from this.
The connected & the rich will.
Mirai muwone https://t.co/8DxE3hAP2Z
— Paidamoyo Chidemo (@PaidamoyoChide1) September 1, 2021
Articles You May Want To Read,
- Kudzai Mushonga Apologizes To His Bae Khanyi Mbau For Ranting On Social Media
- 9-year-old Boy Living In Fear As Mysterious Beings Attack Him At Night
- Woman Launches A US$50,000 Lawsuit On Family Friend Who Snatched Her Husband
For marriage, family, love, job/promotion. Goodluck in your business/lottery, court cases, diseases and other Spells kindly call Kiwanga Doctors on +254 769404965 or >>>> CLICK HERE.
The post You Can Now Buy Forex At Official Rate From Bureaux de Change: RBZ appeared first on iHarare News.