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RBZ licences 222 bureaux de change
The Herald
September 02, 2008

http://allafrica.com/stories/200809020757.html

The Reserve Bank of Zimbabwe has licenced 222 centres countrywide to operate as bureaux de change. The licencing of the centres follows an invitation by the central bank to investors to register and participate under the enhanced Money Transfer Agencies framework announced in the First Quarter Monetary Policy Statement in April this year. In a statement yesterday, the central bank chief Dr Gideon Gono said the foreign currency purchasing centres would be a conduit for locals with free funds and international visitors. "These countrywide and widely dispersed Foreign Currency Purchasing Centres/ Bureau de Change have been licenced and registered to commence operations on the 1st of September 2008 with mandate of acting as conduits for the remittance of Diaspora funds as well as centres for purchasing foreign currency from walk-in clients with access to free funds and visitors from abroad. This enhanced MTA framework is designed to complement the country's foreign currency generation capacity, as well as ensure a greater level of convenience to the Zimbabwean populace, vis-à-vis, transacting in foreign exchange in a safe, sound and reliable environment," he said.

ZimPost has the greatest number of centres with 107 of which 29 are in Harare. Financial institutions, Stanbic, Standard Chartered, Kingdom, Metropolitan Bank, POSB, ZABG and Interfin have been given the nod to establish bureaux. Barnfords, Eurolink and Springridge also began operating as foreign currency purchasing centres. The central bank revealed that there was potential for further uptake of 43 MTAs to ensure a wider geographical spread in such areas as Zaka, Binga Centenary, and Plumtree among others. The central bank warned operators that it would conduct on-site inspection on all facilities registered as bureaux as part of its pre-opening inspection requirements. They have a 14-day window to put in place risk management structures and the minimum equipment requirements for efficient operations. Last week at ZimTrade's Exporters' Conference, the Governor said policy thrust would continue to prefer the greater interplay of the market in determining the exchange rate and overall allocation of foreign currency in the economy.

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