Chronicle Editor
Lumbidzani Dima, Business Reporter
THE Reserve Bank of Zimbabwe (RBZ) has directed that the US$50 facility being accessed through Bureaux de Change be restricted to vulnerable members of society only, following concerns over its abuse by speculators.
Long winding queues have become the order of the day at designated Bureaux de Change since Government introduced this facility in the second-half of last year, on August 30.
This enabled the general public across the country to buy foreign currency from registered bureaux de change, as authorities sought to promote financial inclusion and access to forex for small value transactions by citizens.
A total amount of US$23,1 million was disbursed to 461 908 individuals as at 31 December 2021.
In his 2022 Monetary Policy Statement issued yesterday, RBZ Governor Dr John Mangudya said it was unfortunate that the facility has been hijacked.
“The bank has noted with concern the abuses of this facility by some members of the public,” he said.
“In this regard, the bank is refining the US$50 facility, with immediate effect, to limit it to the vulnerable members of the society, that is pensioners, senior citizens, people living with disability and those requiring forex for medical purposes.”
The bank had availed the US$50 facility to assist members of the public to access foreign currency for small domestic purchases and payments at the official exchange rate through bureaux de change, which are allowed to charge up to 10 percent over the cost of funds.
By adopting the facility, Government was of the view that this would meet small foreign currency requirements of the public for medical expenses and fuel rate among other things, at the official exchange, thus improving the supply of foreign exchange in the market.
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