RBZ licenses 26 new bureaux de change operators

The RBZ deployed the FIU to restore sanity to the market, resulting in the arrest and prosecution of illegal money changers, currency saboteurs, and non-compliant businesses—including retailers, pharmacies, and law firms. Offenders faced convictions, warnings, fines, and frozen bank accounts until they complied with regulations.

Natasha Chamba, Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has licensed 26 new bureaux de change operators to facilitate the smooth operation of the inter-bank foreign currency exchange market.

The move is in line with the 2019 monetary policy guidelines, which has established the inter-bank facility on a ‘willing buyer willing seller’ basis.

The new framework is a departure from the 1:1 parity between the USD and the RTGS dollar.

In a statement, the RBZ said: “Members of the public can buy and sell foreign currency through these institutions in line with the issued guidelines”.

The bureaux de change that have been licensed include Fredex Financial services, Getbucks Microfinance Bank, MyCash Financial Services, Access Finance (Pvt) Ltd, FMC Finance (Pvt) Ltd, Transformation Financial Services, Elizabeth Florist (Pvt) Ltd t/a TSD Bureau de Change, Zimbabwe Posts (Private) Limited, Quest Financial Services (Pvt) Ltd, Proex Bureau de Change, Zimexpress (Pvt) Ltd and Fungioliv Investments.

Others are Kwik Forex, Campion Forex Services t/a Hand2hand Transfers, Direct Connect Financial Services, Stalrett (Pvt) Ltd, Julisim (Pvt) Ltd, Success Micro-finance Bank Limited, Send Money Home (Pvt) Ltd, Kuva Sanchez, Sahara Forex Bureau Pvt. Ltd, Express Financial Services, Easylink Money Transfer (Pvt) Ltd, Linsa Investments t/a bate Bureau de Change and Kaah Financial Services.

When the inter-bank facility became operational in February, the RBZ had licensed only 20 bureaux de change and now the total number of licensed operators has risen to 46.

Economists have lauded the initiative saying it will go a long way in bringing back foreign currency into the formal channels.

Monetary policy analyst, Mr Richford Madzetse, said once money was brought back into the formal sector, Government will be able to account for it.

“The development by the RBZ will go a long way in clearing foreign currency from the parallel market. By formalising these bureaux de change, the much needed foreign currency will be channelled back into the formal system and from there Government will be able to account for it,” he said.

“The black market will soon be wiped off and trade will be conducted legally.”

The inter-bank exchange rates as of yesterday indicated that the USD and the RTGS were trading at 1: 2, 9549.

– @queentauruszw.