RBZ re-orients exchange control

The Reserve Bank of Zimbabwe has started re-orienting its exchange control department to become a body that facilitates a favourable doing business environment which can attract foreign direct investment.

The central bank is of the view that in order to gain confidence in the market, it was sticking to the multi-currency system in order to ensure investment security and liberalisation of exchange control was a right step towards attracting more foreign direct investment into the economy.

RBZ exchange control director Morris Mpofu yesterday told the Exchange Control Stakeholder Awareness Workshop that the central bank is re-orienting the exchange control and has relaxed foreign exchange regulations as part of its liberalisation exercise.

He said the aim is to improve the ease of doing business environment and people generally don't look at control as an enabler to business.

Awareness campaigns like these show there is progress in our liberalisation efforts.

Mpofu said those companies that have discipline in the market will always be friends with the exchange but those who are violators of the country's exchange control regulations will always be punished.

He said in bid to improve the doing business environment RBZ has introduced the authorised dealer exchange authority.