RBZ Forex Guidelines - Mukanya Financial Services

1. Authorized Dealers and Their Responsibilities

All foreign exchange transactions must be conducted through authorized dealers

Authorized dealers must verify source of funds for all transactions

Monthly forex utilization reports must be submitted by the 7th of each month

Penalties for Non-Compliance:
– Suspension of authorized dealer license
– Fines up to USD 50,000
– Criminal prosecution for serious violations

2. Foreign Currency Accounts

2.1 Individual Accounts

Maximum balance of USD 50,000 for personal accounts

Funds must be from legitimate sources (documentation required)

2.2 Corporate Accounts

Exporters must repatriate 40% of earnings to Zimbabwe within 60 days

Importers must provide valid invoices for all forex requests

3. Exchange Control Regulations

All cross-border transactions require RBZ approval

Prior approval needed for external payments exceeding USD 10,000

Diaspora remittances must be processed through official channels

Transaction Type	Limit	Documentation Required
Personal Travel Allowance	USD 2,000 per trip	Air ticket, visa confirmation
Business Travel Allowance	USD 5,000 per trip	Company letter, conference invitation
Medical Payments	Case-by-case	Medical quotation, doctor’s letter

4. ZiG Currency Regulations

All domestic transactions must be priced in ZiG

Forex conversions to ZiG must use RBZ daily rates

Exporters may retain 60% of forex earnings in original currency

5. Export and Import Regulations

5.1 Export Procedures

All exports must be registered with RBZ within 7 days of shipment

Export proceeds must be received within 90 days

5.2 Import Procedures

Prior approval required for imports over USD 50,000

Pharmaceuticals and fuel imports get priority forex allocation

6. Digital and Crypto Currency

All crypto transactions must be reported to RBZ

Digital currency exchanges require RBZ license

5% tax applies to all digital service payments to non-residents

7. Compliance and Reporting

Quarterly forex position reports due by 15th of month following quarter end

Annual audit of forex transactions required for all authorized dealers

Whistleblower protections for forex abuse reporting

8. Penalties and Enforcement

Violation	Penalty
Late reporting	USD 1,000 per day
Unauthorized forex trading	10% of transaction value
False declarations	Up to 5 years imprisonment

RBZ Contact Information

Forex Helpdesk: +263 242 756 000

Email: forex@rbz.co.zw

Address: Reserve Bank of Zimbabwe, 80 Samora Machel Ave, Harare

RESERVE BANK OF ZIMBABWE

FOREIGN EXCHANGE GUIDELINES 2025