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RBZ Withdraws US$50 Facility From The General Public

RBZ Withdraws US$50 Facility From The General Public

The Reserve Bank of Zimbabwe (RBZ) says the US$50 facility is now limited to pensioners, senior citizens, people living with disability and for medical purposes.

Late last year, the RBZ authorised bureaux de change to sell foreign currency to ordinary walk-in customers in a bid to promote financial inclusion and access to forex for small value transactions.

According to resolutions that were made by the monetary policy committee (MPC) in August 2021, members of the public wishing to buy foreign currency could approach any registered bureau de change to buy the prescribed maximum amount of US$50 per week.

However, in his Monetary Policy Statement (MPS) this Monday, RBZ Governor John Mangudya said the facility was now being abused by some members of the public and the central bank has resolved to limit the facility to certain categories of people. Said Magudya:

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.

Even factoring in the 10 per cent commission, the rate offered by bureaux de change is still significantly lower price than the black market rate.

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30 Comments

Makelanwi 3 months ago

We predicted that this facility was not to withstand the economic turmoil.Mr Nostro varemerwa neNjuga.🐕🐕🐕


MaFyt 3 months ago

@Elyse the funny part is you read my post, kkkkkk zvigondi pei zvokuti maverenga kana hamuna handina hanya nazvo


Mr ndhlumbi 3 months ago

PANE PROOF YEZVIREMA HERE THAT CAN BE AUDITED


Emerson robert 3 months ago

🤣🤣🤣🤣🤣🤣🤣💛💛Ccc

MaFyt 3 months ago

Kkkkkk pipo pipo, moziva kuti imbwa iri,kuba maIDs apa ndiyani hr? Ndeuya uya aizviti @Chief weku nyepera kuzviita muWAR-VET achida kundi kwatisa wandaka isira maCOMPOSITION angu,

he is a fool type yevanhu vaya vandamboti they are driven by vindictive instincts to subvert and undermine the will of others, borne with a contention of tarnishing the reputation of other pipo, manje as for me i dont follow names but personalities

nomatter how hard you try to steal pipos identities isu vamwe takugona kuREADER maTEXTS evanhu, cxa kkklll SORRY @NEW-Tkt, Vybz,


Elyse 3 months ago

Attention seeker

Cobra King 3 months ago

Kkkk VYBZ KARTEL AND TKT MUNOFA NEBP NEZANU PF. INOKUSIYAI PACHENA MUCHIIDA SERUDO RWEHURE. WHATS YOUR COMMENT PAMAHUMBWE AKADAI. CCC ZVAENDWA


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Tops 3 months ago

Today i decided to by bread semunhu achangobva kutambira sooo.ndasvika pashop ndakunzi mari yakashota ne5bond ndabuditsa 5 bond muhomwe ndakunzi atitambire ma5bond ndazongobuditsa ten bond. Change ndoyazoti netseyi coz andichatambirewo ma5 bond


Live 3 months ago

Another opened door for corruption to bank tellers n other big bosses,then what next to those payed in rtgs who also needs forex in return ? This country is controlled by the people who are totally out of their minds!!! Why they introduce this system before !! It shows most of their plans are based on try n error .


Yvt 3 months ago

Your us$50 was exposed, just admit failer, the whole cookie is now crumbling in your faces.


Emerson robert 3 months ago

I love ZANU PF


Emerson robert 3 months ago

Dzungu rinokuwandira apa you said kuti uri n'anga 🤣 .Usapindire dzisiri dzako

CCC PAMBERI INFACT MU BALLOT PFEE CCC

Gaffer 3 months ago

One of u is very IDIOTIC...I guess it is e one supporting a relatively new n little party SISISI....if you aren't talking to me, pliz go to your inboxes... this is a platform for all, even idiots are wericome...

Scorched earth 3 months ago

@tkt... the economy is in shambles. Everyone knows that. Your statements fuels my love for change, my love for CCC
#CCCtoConquer

Emerson robert 3 months ago

And didn't you hear that there are no teachers😂 @Gaffer

Emerson robert 3 months ago

watoirasa uno supporter chii ndo pane basa .....zvechikoro zva pinda papi. by the way ndakapedza school . hatisi kutaura newe

Gaffer 3 months ago

Am not insulting you guys,am sorry...buh your behavior is IDIOTIC.. fighting over a platform name it's stupid...chienda kuchikoro you didn't hear that schools have been opened???

Emerson robert 3 months ago

zvekutukana ndozvineyi @ Gaffer... wakatibereka here

Emerson robert 3 months ago

WASHAYA KANA RAKO ZITA HERE DONT TARNISH MY NAME I DONT BELONG TO ZANU PF WAZVINZWA NDIMI MAI KOPERA KUCHIKORO

Gaffer 3 months ago

Both of you are idiots...

Emerson robert 3 months ago

DONT USE MY NAME I LOVE CCC💛💛💛

Chipo Changu Chirimuoko 3 months ago

Why not avail the forex to the banks so that civil servants can access it without hassles. The system was being abused by owners of the beruea de change.People were sleeping in street pavements, shame. ngaapinde hake mukomana.


Scorched earth 3 months ago

Liar!!..miss us with the bullshit. You're simply announcing that your 50 dollar idea was not sustainable, and at the same time announcing the distrust you have for your Zim Dollar. Be a man, show some balls, and openly admit you failed. Simple.
Anyways #CCCtoConquer💛💛💛


Tkt 3 months ago

Nothing is close to the truth buh you just running your mouth like a stomach of someone suffering frm cholera..

Scorched earth 3 months ago

@tkt.. the truth is sharper than any kitana in the world and it hurts like hell.

Emerson robert 3 months ago

@tkt .... Go to hell my guy

Tkt 3 months ago

Behave yourself 😈...

Mephistophles 3 months ago

Always blame the victim. Can Panonetsa tell us specifically how the public was abusing the system? I know for a fact that many bereaux-de-change rarely had the forex. The few that had the forex would demand a facilitation fee (Bribe) of $10 to $20. The U$D50 facility was not easily accessible to the public and the system was not working at all.


Chikandamina 3 months ago

Paipa,zvanga zvakubatsira vamwe.vamwe voita huori.


Godaz 3 months ago

Haa tosangana pana2023 imboitai zvamoda henyu.inguva chte



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