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Zimbabwe gazettes new limit on cash exports
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The Government of Zimbabwe has introduced new regulations setting a maximum limit on the amount of cash that individuals can take out of the country without prior approval from the Reserve Bank of Zimbabwe (RBZ). According to the gazetted directive, the new cap is set at US$2,000 or its equivalent in other currencies.
This move is part of the government's ongoing efforts to curb illicit financial flows and bolster financial transparency at the country's borders. The new regulations apply to all individuals passing through any of Zimbabwe's ports of entry, including airports and land borders.
"An individual is now only allowed to take out a maximum of US$2,000 or the equivalent in other currencies from the country without the authorisation of the Reserve Bank of Zimbabwe," the gazette states.
Any amounts exceeding this limit will require central bank approval, and individuals who fail to comply with this regulation risk having their excess cash confiscated or facing legal consequences.
The government has tightened control over foreign currency in recent years to support its currency stabilization measures and reduce externalization. The introduction of this cash export cap is seen as a further step to ensure that more foreign currency remains within the country to support economic activities.
The RBZ has urged travelers and businesspeople to adhere to the new regulations to avoid penalties, adding that the enforcement of these rules will be strict at all border points.
The new directive is expected to have implications for cross-border traders, frequent travelers, and those engaged in foreign currency transactions, who are now being advised to plan accordingly if they intend to carry larger amounts of cash.
This move is part of the government's ongoing efforts to curb illicit financial flows and bolster financial transparency at the country's borders. The new regulations apply to all individuals passing through any of Zimbabwe's ports of entry, including airports and land borders.
"An individual is now only allowed to take out a maximum of US$2,000 or the equivalent in other currencies from the country without the authorisation of the Reserve Bank of Zimbabwe," the gazette states.
Any amounts exceeding this limit will require central bank approval, and individuals who fail to comply with this regulation risk having their excess cash confiscated or facing legal consequences.
The government has tightened control over foreign currency in recent years to support its currency stabilization measures and reduce externalization. The introduction of this cash export cap is seen as a further step to ensure that more foreign currency remains within the country to support economic activities.
The RBZ has urged travelers and businesspeople to adhere to the new regulations to avoid penalties, adding that the enforcement of these rules will be strict at all border points.
The new directive is expected to have implications for cross-border traders, frequent travelers, and those engaged in foreign currency transactions, who are now being advised to plan accordingly if they intend to carry larger amounts of cash.
Source - Byo24News
