Ordinary Zimbabweans can now purchase up to US$50 per week using the official auction rate of ZWL$86 from bureaux de change with signs government was intent on suffocating a thriving forex black market.
“GREAT NEWS,” said Information permanent secretary Nick Mangwana in a twit Wednesday, “The @ReserveBankZIM has made life easy for people by liberalising the purchase of small value forex amounts of up to US$50 per person per week from bureaux de change at the auction rate. All what is needed is one’s identity card to access this facility.”
The @ReserveBankZIM has made life easy for people by liberalising the purchase of small value forex amounts of up to US$50 per person per week from bureaux de change at the auction rate. All what is needed is one's identity card to access this facility 👌 pic.twitter.com/tJiF3J64s1
— Nick Mangwana (@nickmangwana) September 1, 2021
Currently, the auction system is the preserve of industry with ordinary locals having to acquire the greenback from the street at premiums as high as Z$150 for a single dollar.
Government blames the surge in prices of goods and services experienced to the continued existence of a thriving black market.
Zimbabwean businesses charge their goods using the parallel market US dollar exchange rate.
In attempts to reverse the practice, government through the central bank, introduced the auction system which allows businesses to acquire the US dollar at much lower premiums.
The initiative has however had its own flaws as some unscrupulous business owners privileged with the opportunity still go on to peg prices based on black market rates.