The Reserve Bank of Zimbabwe is an Exchange Control Authority in relation to all the provisions of the 1996 Exchange Control Regulations, with the exception of section 43, in terms of the Exchange Control (Exchange Control Authority) Notice, Statutory Instrument 145/97. Any Authorized Dealer is, by order, has been declared an Exchange Control Authority in relation to any particular provision of the 1996 Regulations.
The Exchange Act confers powers and imposes duties and restrictions in relation to gold, currency, securities, exchange transactions, payments and debts, imports, exports, transfer and settlement of property. The Regulations provides the regulatory framework for foreign exchange transactions involving the issues that are restricted under the Exchange Control Act.
Exchange Control Division is responsible for policies and procedures which ensure proper accountability of the supply side of the current account of the Balance of Payments. In this respect, the Division’s policies emanate from the Exchange Control Act, Chapter 22:05 and from Statutory Instruments made in terms of the Act, the most notable being Statutory Instrument 109 of 1996 and Statutory Instrument 110 of 1996 as amended from time to time.
The Division is therefore involved in the presentation of the relevant proposals of new polices and amendment of existing polices relating dealings in or possession of any gold and securities, the importation into and exportation of goods, cash and services from Zimbabwe, payments and transactions in relation to foreign investments, foreign debt and securities, in line with the changes in the monetary policy.
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1. Exchange Control Act, Chapter 22:05
2. Exchange Control Regulations, 1996 (Statutory Instrument 109 of 1996)
3. Exchange Control (General ) Order, 1996 (Statutory Instrument 110 of 1996)