RBZ accused of bureaucracy

of Zimbabwe as the main reason behind the stalling of business at most bureau de change outlets.
Due to foreign currency trading irregularities such as money laundering, among other economic ills that dogged Zimbabwe’s economy at the turn of the millennium, the Reserve Bank of Zimbabwe suspended operations of bureaux de change.
In August 2009 while presenting the Mid-Term Monetary Policy Statement, RBZ Governor Dr Gideon Gono proclaimed that Enhanced Money Transfer Agencies would now receive, buy and sell foreign currency to individuals using international cross rates.
This effectively meant that bureaux de change had been re-introduced to play their role in a multi-currency system. In an interview, Nissi Bureau de Change managing director Mr Sonny Phiri bemoaned bureaucratic inclinations involved before one got the green light to open premises for business.
“While we applaud RBZ for giving us a lifeline through licensing us to operate foreign exchange shops we are taken aback by the red tape in the whole process. There is too much bureaucracy involved as RBZ officials do the inspections from Harare yet there is also a branch here in Bulawayo. The personnel that deal with inspection of premises of all foreign exchange markets belong to the Exchange Control section at the Reserve Bank and can only come from the capital,” he said.
Mr Phiri said delays in getting the go-ahead to start operations were adversely affecting his business, as he was already incurring overheads.
“As you can see, I have since hired staff and at the end of the month all the workers here are looking forward to get paid. As if that was not enough I am paying rates and rentals yet I have not started operating. I am appealing to the powers that be to take our situation into consideration and expedite the process,” he said.
The Nissi Bureau de Change managing director said two officials from the Department of Exchange Control at RBZ had inspected the premises but had not yet given him the green light to open for business.
Accordingly, the team would first come up with a report on which the bureau de change operations hinge after which the operator will receive official communication to start business.
Mr Phiri said the re-introduction of bureaux de change was a noble idea, as it restored confidence in the financial sector.
“Those people you see changing their money in the streets do not have peace of mind. The chances of you to get counterfeit money are very high because there are no security measures as compared to bureau de change outlets.
“Now people have been presented with an opportunity to change their money without fear of being conned or given fake notes. We assure our customers of professional services and instill confidence in them by giving them genuine money. We also check whether their money is genuine or fake using our machines and there is no way we would issue counterfeit notes,” he said.