Bureaux de Change will only be allowed to sell foreign currency to individuals and MSMEs that have supporting invoices or travel documents, the Business Weekly can reveal.
Last week the Reserve Bank of Zimbabwe announced that it will now sell foreign currency to Bureaux de Change for on-selling to Micro, Small and Medium Size Enterprises (MSMEs) and individuals for their various productive requirements.
The new arrangement is expected to cater for MSMEs and individuals with requirement levels that are below the minimum qualifying threshold of the SME foreign exchange auction system.
The new development will see Bureaux de Changes buy foreign currency from the RBZ at prescribed limit every Wednesday at the ruling weighted average exchange rate, and will be allowed to on-sell at a margin of not more than 8 percent of the weighted average exchange rate from the main auction.
A limit of up to US$500 per transaction per individual or MSME per day shall apply, according to the central bank in its Exchange Control Circular Number 3 of 2021 to Bureaux de Change seen by Business Weekly.
“Foreign currency shall be sold for the purpose of international payments and travel and, shall be supported by invoices or travel documents as per Operational Guidelines for Bureau de Change issued in December 2019,” reads part of the Circular.
The use of national IDs or passport numbers for individuals or Company Number as it appears on the form No. CR14 is expected to help reject repeated or transactions of more than US$500 by the same individuals or company on the same day.
“For the avoidance of doubt Bureaux de Change shall not sell foreign currency to any natural or legal person without the required proof,” the Circular reads signed by the RBZ’s Director Exchange Control, Farai Masendu.
Beneficiaries of foreign currency through Bureaux de Change are expected to provide acquitals for funds previously purchased from Bureaux de Change through providing proof of funds transfer or immigration stamped passport before accessing more funds.