HomeBusiness DigestNo retreat on 'rent in forex' ban - RBZ

No retreat on ‘rent in forex’ ban – RBZ

Staff Writer

THE Reserve Bank of Zimbabwe (RBZ) says there is no going back on its decision to ban landlords from charging in foreign currency for their properties.

na, Arial, Helvetica, sans-serif”>The Estate Agents Association had asked the RBZ that they be allowed to charge their properties in foreign currency to hedge against spiralling inflation.

In Zimbabwe it is however illegal to charge for goods in foreign currency but legal to peg them.

Residents have complained that they now have to compete with foreigners who have access to hard currency to snap up homes.

The RBZ said it was not true that there had been a change in policy as far as foreign currency accounts are concerned.

There was speculation that the RBZ would swoop on all FCAs in a bid to raise money for government.

“This is not true, there is no change in policy with regard to the management and holding of foreign currency accounts for both corporate and individual FCAs,” an RBZ spokesman said.

He said the RBZ was not responsible for matters relating to customs duty.

“We would refer you to the Ministry of Finance and Economic Development on the issue,” the spokesman said.

He said both corporate and individuals could still maintain FCAs.

“There is no change in policy,” he said.

He said the foreign currency situation remains critical.

“The Ministry of Finance and Economic Development is responsible for exchange rate policy with the Reserve Bank only playing an advisory role,” the spokesman said. “The Zimbabwean dollar is legal tender. It is still illegal to request for payment in US dollars.”

Zimbabweans are now charging for their properties in foreign currency which is seriously in short supply in the country. Citizens living abroad are buying most of the houses countrywide because of the weak Zimbabwe dollar against all the major currencies.

During the week ending September 19, the Zimbabwe dollar officially remained at $826,4 against the US greenback. It depreciated by between 0,6% and 1,2% against other major trading partner currencies.

Recent Posts

Stories you will enjoy

Recommended reading