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Zimbabwe central bank dragged to court over forex

by Staff reporter
21 Jun 2024 at 06:30hrs | Views
Linda Tsungirirai Masarira has filed an urgent High Court application against the Reserve Bank of Zimbabwe (RBZ), alleging that ordinary citizens are being unfairly constrained in accessing foreign currency for essential needs such as passports, fuel, and rentals. 
Masarira argues that the crackdown on illegal forex trading has left many Zimbabweans without viable alternatives to obtain foreign currency legally.
She contends that under the current multi-currency system, many goods and services are exclusively priced in foreign currency, yet access to forex through formal channels like banks and bureaux de change is severely restricted. Masarira criticizes the RBZ for prioritizing forex access for elite importers with verifiable foreign invoices, neglecting the needs of ordinary citizens who require smaller amounts for daily purchases.

Masarira proposes that the RBZ should expand the willing-buyer-willing-seller trading system to include ordinary citizens and enhance the operational scope of bureaux de change to facilitate easier access to forex. She suggests collaboration with mobile money operators to act as bureaux de change, thereby enabling the public to access small amounts of forex for basic transactions.

The application remains pending before the court as Masarira seeks to compel the RBZ to amend its regulatory framework and ensure broader access to foreign currency for all citizens, thereby safeguarding their rights.

Source - newsday
More on: #TRBZ, #Court, #Forex