Economics
Zimbabwe Central Bank Tightens Rules for Currency Exchanges
People queue outside a foreign currency exchange outlet in Harare, Zimbabwe.
Photographer: Cynthia R Matonhodze/BloombergThis article is for subscribers only.
Zimbabwe’s central bank has tightened the rules governing the trade of foreign currency by money exchange offices with immediate effect.
The rates offered by exchange offices must be 7% above or below the interbank mid-rate, the central bank said in an emailed statement. Failure to comply would result in either heavy financial penalties or license revocation, it said. The southern African nation has 200 licensed exchange outlets.