Home>>World
Last updated at: (Beijing Time) Friday, November 23, 2001

Zimbabwe Takes Tough Measures on Bureaux de Change

The Reserve Bank of Zimbabwe (RBZ) has taken tough measures that further regulate bureaux de change to curb foreign currency leakage, according to the Herald newspaper on Friday.


PRINT IT DISCUSS IT CHINESE SEND TO FRIENDS


The Reserve Bank of Zimbabwe (RBZ) has taken tough measures that further regulate bureaux de change to curb foreign currency leakage, according to the Herald newspaper on Friday.

The new regulation, which will come into effect at the beginning of June next year, could see other bureaux de change failing to meet the grade.

Operators will no longer be required to keep cash in excess of 100,000 U.S. dollars and excess cash can either be sold to an authorized dealer or deposited into a foreign currency account that is now a pre-requisite for every operator.

Unlike in the past, bureaux de change will now be required to keep proper books of accounting and copies of the audited accounts will be submitted to the RBZ.

Returns will also be submitted to the bank before the close of business on Mondays.

It is strongly being felt that operators in this sector are abusing their role of making available foreign currency at competitive rates.

It has been alleged that some players within that sector are at the forefront of externalizing foreign currency as well as fueling rates on the parallel market.

Bureaux de change can issue individuals with a travel allowance of up to 500 U.S. dollars a day provided there is a valid letter from a bank.

Up to 500 U.S. dollars can be issued as holiday travel allowance on a yearly basis.

The Registrar of Banks should be furnished with all the necessary details with regard to the registration of the bureaux de change.

Registration fees have been raised to 20,000 Zimbabwean dollars (about 364 U.S. dollars). New branches would be required to pay registration fees of 50,000 Zimbabwean dollars (about 909 U.S. dollars), while the annual fee has been put at 50,000 Zimbabwean dollars.

The bank will be conducting a pre-opening inspection before a bureaux de change can start operating.

Every bureaux de change will be required to maintain one or more foreign currency accounts with an authorized dealer.






    Advanced