The RBZ launched the foreign exchange system on the 23th of June 2020. It is still in function to this day. The system’s main aim is to minimise the impact of foreign exchange rates on businesses.
Some businesses were able to minimise losses by up to $5.5 million since they began using the foreign exchange system. However, other business are said to have been abusing this system. Such businesses have been exposed by the RBZ and will be facing the necessary penalties.
View the official RBZ statement pertaining to this matter below:
When it began,the foreign exchange system was criticised heavily. Some of the criticism came following the release of the companies that were benefiting from it. Alex Magaisa was one of the people to have criticised the list.
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