Regulatory Alerts2022-01-01
Microfinance Institutions Lending in Foreign Currency Guideline No 01-2022/BSD
The Reserve Bank of Zimbabwe authorizes registered Microfinance Institutions to lend in foreign currency, subject to operational guidelines that require formal application and board approval. MFIs must secure foreign currency from local sources without using the auction floor or interbank market, cap cash disbursements at USD 250, and ensure borrowers possess sustainable foreign currency income supported by robust KYC and anti-money laundering systems. Institutions are mandated to establish Nostro foreign currency accounts, maintain a USD 2500 operational float, and submit quarterly reports detailing loan portfolios, borrower information, and asset quality to the Registrar.
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