BY WANDILE TSHUMA
Zimbabwe has introduced a new regulation that limits the amount of US dollars travelers can take out of the country.
The new law, which was introduced by the Reserve Bank of Zimbabwe (RBZ) last month, reduces the maximum amount of US dollars that travelers can carry from US$10 000 to US$2 000.
This change is aimed at curbing the externalization of funds and maintaining foreign currency reserves, in an effort to stabilize the country’s economy.
The Bankers Association of Zimbabwe (BAZ) has warned that this restriction could disrupt the informal import trade sector, a key source of employment in Zimbabwe.
Despite these concerns, the government has proceeded with the enactment of the new regulation, which has come into effect immediately.
Travelers departing Zimbabwe are now required to adhere to the US$2 000 limit without the need for further authorization, or risk penalties under the Exchange Control Regulations.
The new regulation is part of ongoing efforts to regulate currency flows and stabilize the country’s economy.
It alters the rules governing currency export from Zimbabwe and sets new limits on the amount of both Zimbabwean currency and foreign currency travelers can carry without special authorization.
According to the amendment, the maximum amount of foreign currency that can be taken out of the country is now capped at US$2 000 or its equivalent in other currencies.
The BAZ has raised concerns about the potential economic impact of the regulation, warning that it could lead to a reduction in externalization of funds and disruption in informal import trade.