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Mangudya Scraps USD$50 Facility, Avails It Only To The Vulnerable After Disbursing US$23 Million To 461 908

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In his Monetary Policy Statement (MPS) issued yesterday, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya scrapped the USD 50 dollar weekly facility for the majority of Zimbabweans making it only available for the vulnerable.This comes after US$23,1 million was disbursed to 461 908 individuals since 31 Dec last year.

The US$50 facility will only be accessed through bureaux de change’s by only a few sections of the society.

The RBZ boss said the facility had been abused.

The US$50 facility, which was announced last year, will be available only to vulnerable members of society, such as pensioners, senior citizens, people living with disabilities and those requiring foreign currency for medical purposes.

“The bank is refining the US$50 facility to assist members of the public to access foreign currency for small domestic purchases and payments at the official exchange rate through bureaux de change, with immediate effect, to limit it to the vulnerable members of the society,” Mangudya said.

Mangudya told TechnoMag he had introduced the US$50 facility for individuals to access foreign Currency from Bureau de Change’s only at all the auction rate in the third quarter of 2021 with up to ten percent of the total cost encountered.

Mangudya introduced it to meet the demand for USD for the general public who are not welcome at the Dutch Foreign Currency Auction.

The vulnerable who are now the only ones with access to facility however requested ” the Rbz Governor to “please increase it from 50 dollars to at least 150 USD to be able to meet rising demands.”

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