adminThe central bank suspended operations of bureaux de change a few years ago at the height of foreign currency shortages to plug leakages.
However, in 2009 RBZ governor Dr Gideon Gono said the central bank would issue licences for Enhanced Money Transfer Agencies that would allow them to receive, buy and sell foreign currency to individuals using international cross rates.
In an interview, Nissi Global chief executive Mr Sony Phiri, said the Reserve Bank had given them the green light to start running the bureau de change.
“We have been given a letter of commencement by the Reserve Bank, which entails us to start running the bureau.
“RBZ said at the moment they don’t have stationary for the licence and we were then given a letter of commencement that authorises us to operate a bureau de change. We started operating the bureau on 21 November,” he said.
Before the opening of the new business unit, Mr Phiri said officials from the central bank conducted a training programme to equip the bureau de change staff with knowledge of periodic reports they have to submit to the monetary authorities every week.
“The business is good. There is a lot of room to grow and we are also going to take the advantage that there are no other bureaux de change operating in the city.
“So far, our greatest clients come from Interfin Bank; most of the bank’s clients with foreign currency come to do business here (Peppermint Place). Other clients for the bureau for example, the general public also come to exchange their forex with us.”
Nissi Global has also made consultations to establish another bureau de change at the Joshua Mqabuko Nkomo International Airport.
Economic analysts have said despite the country having adopted a multi-currency system, bureaux de change services were still relevant in the economy as people needed to exchange forex.
Online Reporter