Minimize incidents of externalization of foreign currency

RBZ sets forex withdrawal limits for Bureaux de Changes

www.sundaynews.co.zw September 22, 2019

The Reserve Bank of Zimbabwe has announced foreign currency cash withdrawal limits for individuals and businesses at Bureaux de Changes as it seeks to refine the operations of the sector.

“The current cash limits for Personal Travel Allowance of US$300 per day per travel, and up to a maximum of US$10 000 per year, should strictly be adhered to. The Bureaux de Change are, henceforth required to endorse passports of travellers who would have purchased foreign currency. The Business Travel Allowance of US$400 per day, and up to a maximum of seven days per travel, shall be strictly monitored,” said RBZ.

Minimize incidents of externalization of foreign currency

www.rbz.co.zw October 01, 2018

In order to minimize incidents of externalization of foreign currency, the following measures, which are in line with international best practice, have been put in place for banks and the banking public to adhere to:- (i)Use of Letters of Credit (LCs) for high value transactions. (ii)All imports to be supported by invoices whose banking details match with the payee’s name and bank account details. (iii)Strict adherence by banks to customer due diligence (CDD). (iv)Export proceeds to be remitted on a timely basis in line with existing rules and regulations.