The Reserve Bank of Zimbabwe (RBZ) has reduced registration fees for bureaus de change and reviewed the regulatory framework in a bid to enhance ease of doing business and increase financial participation.

A statement issued by the central bank Tuesday said that there was a limited number of licensed bureaus de change in the country, with the majority of urban centers having no formal services.

Even some ports of entry and exit did not have bureau de change, the bank said.

“Accordingly, interested parties are being called to embrace this opportunity and provide bureau de change services to the public and travelers and enhance access to formal services for exchange of currencies in the country’s multi-currency system including bond note,” RBZ said.

Zimbabwe has a basket of nine currencies: the U.S. dollar, the British pound, Australian dollar, Chinese yuan, Indian rupee, South African rand, Botswana pula, Japanese yen and the euro, with the U.S. dollar being the dominant.

The country also has the surrogate bond note which is supposed to trade at par with the U.S. dollar.

The licensing fee for bureau de change head office has been slashed from 1,000 dollars to 500 dollars while the renewal fee has gone down from 800 dollars to 250 dollars.

Urban branches will be licensed for 200 dollars, down from 400 dollars, while the renewal fee has also been slashed by half to 100 dollars.

For rural branches, the licensing and renewal fees are now pegged at 50 dollars for both, down from 200 dollars and 100 dollars respectively. Enditem

Source: Xinhua/