Reserve Bank Of Zimbabwe (RBZ) Terminate The 50 USD Facility From Public
The Governor of the Reserve bank of Zimbabwe has suspended the 50 USD facility. The facility is now only available to pensioners, senior citizens, people living with disability, and for medical purposes.
The government last year introduced the facility that enabled the members of the general public to access foreign currency in authorized bureaux de changes.
The facility was only limited to 50USD per week using a more flexible rate as compared to the fluctuating market watch rate.
According to a report published by Pindula the Governor said the facility was now being abused hence the need to submit.
The Bank 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% over the cost of funds.
The Bank, has, however, noted, with concern the abuses of this Facility by some members of the public.
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.Those eligible can still, upon production of the national registration identity card, buy the forex from bureaux de change at the official RBZ ruling auction exchange rate plus a commission of just 10 per cent.Pindula