RBZ Refines Bureau de Change Rules


THE RESERVE Bank of Zimbabwe has announced stringent policies in which Bureaux de Change are ought to operate. The bank claims that these policies will refine the operations of the sector.

This comes after the country experienced a massive jump of foreign currency rates, especially on the black market last week.

In a statement released by the central bank on Friday last week, Bureaux de Change will, immediately, start selling foreign cash only to individuals for foreign travel.

The Bureaux de Change shall only sell foreign currency cash to individuals for foreign travel, upon submission of a passport. The current cash limits for Personal Travel Allowance of USD300 per day, per travel, and up to a maximum of USD10,000 per year, should strictly be adhered to. The Bureau de Change are, henceforth, required to endorse passports of travelers who would have purchased foreign currency,” the statement read.

Business travel allowances have been set to a limit of US$400 per day up to a maximum of seven days. As a requirement, Bureaux de Change must display their exchange rate on FX rate boards.

Read the full statement by the central bank here

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