Mangudya Urges Money Changers To Open Formal Bureau De Changes

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has urged illegal foreign currency dealers to open formal bureau de changes and trade formally.

He said foreign currency dealers should open formal bureau de changes in the interest of building the country. Mangudya also warned that buying and selling forex illegally carries a 10 year jail sentence. Said Mangudya:

For the foreign currency dealer this is your opportunity to open formal bureau de changes and trade formally. We only have one Zimbabwe and should work together. The parallel market (street) rate is way too high because there is a risk premium, you can go to jail for 10 years. We delayed presenting the monetary policy because we wanted to analyse all submissions from all sectors of the economy so that we speak to everyone, nothing else. Bulk of money in Zimbabwe is seating on the RTGS platform. We only have $437 million of bond notes.

More: Sunday News