RBZ increases foreign exchange payment to $10000
Nevanji Munyaradzi Chiondegwa
The Reserve Bank of Zimbabwe (RBZ) has in terms of Section 35 (1) of the Exchange Control Regulations Statutory Instrument 109 of 1996 increased weekly pay-outs in foreign currency to USD10000.
The apex bank, through the Director of Exchange Control, Mr Farai Masendu, announced the changes on Thursday the 16th of June 2022 in a letter to Authorised Dealers.
‘Further to the Exchange Control Circular No. 3 of 2022 on the Willing-Buyer Willing-Seller exchange rate mechanism, Exchange Control would like to advise Authorised Dealers that the foreign exchange payment framework has been extended to cater for foreign payments of up to US$IO,OOO per week for individuals and corporates including SMEs,” said Masendu.
He urged Authorised Dealers to ensure that sales on the interbank market are evenly spread to allow wider access of funds to the market. At no point should any single individual or entity access more than 10% of the Authorised Dealer’s pool of funds.
He also said that the payments effected under this framework shall continue to be acquitted in the normal manner.
Exchange Control regulations are dynamic as laws are changed from time to time to deal with real life situations.
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