RBZ move on access to forex set to choke black market

Spread the love

ECONOMIC analysts have commended the liberalisation of access to foreign currency by small businesses and individuals which is set to eliminate parallel market activities.

As part of its monetary policy management measures, the Reserve Bank of Zimbabwe (RBZ) will allow Bureau de Change to actively participate in the foreign currency market with effect from this Thursday.

Bureau de change will now be selling forex to small businesses and individuals at the ongoing official rates at thresholds of 500 United States dollars per transaction.

Economic analysts believe the move will result in an all inclusive access to foreign currency.

“The move by the central bank is going to curtail operations of the underground economy a move that will benefit the general populace,” said Kudakwashe Mugova, an analyst.

“Its a step in the right direction when one considers its inclusiveness in terms of who gets the forex and it therefore brings confidence in the economy,” said Batanai Matsika an Investment Manager.

“As the private sector we welcome the development as it increases financial inclusion and access to foreign Currency regardless of stature but informed by economic needs,” said ZNCC Chief Executive Officer, Chris Mugaga.

The central bank’s move is confirming its capacity to provide the economy with adequate foreign currency.