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Zimbabwe: Beware Unreliable Forex Dealers - Bank Chief
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The Zimbabwe Guardian (London)
8 May 2008
Posted to the web 8 May 2008
THE Reserve Bank of Zimbabwe, RBZ, says the public should exercise caution when undertaking unofficial foreign currency dealings.
The RBZ Governor Dr Gideon Gono urged the public to utilise the formal systems in their foreign currency trading saying these provide a safe, convenient, transparent and reliable platform.
Dr Gono said the formal systems include authorized dealers, money transfer agencies, foreign exchange purchasing centres and Homelink centres among others.
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He said in addition to systems already in place the central bank has also put in place stringent measures to ensure that all institutions licensed to purchase foreign currency from the public, have the requisite risk management structures and equipment to detect counterfeit notes.
Dr Gono said the new measures aimed at enhancing the country's capacity to generate foreign currency, which saw traders shifting from the illegal parallel market in favour of the formal banking system, is having a positive impact.
However he said the increased foreign exchange activity may attract people with criminal intent which may subject the market to an influx of counterfeit foreign currency notes.
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