Metro Peech sets up 17 bureaux de change branches

WHOLESALE operator, Metro Peech and Browne Wholesalers, has set up 17 new bureaux de change branches countrywide to deliver convenient foreign currency exchange solutions to customers.

Bureaux de change manager, Ms Margaret Bushu, said all their bureaux de change outlets have already opened doors to service clients in different parts of the country.

“We are pleased to announce that our fullyauthorised and licensed bureaux de change (outlets) are now open at all 17 Metro Peech and Browne Wholesalers throughout Zimbabwe,” she said.

“We have introduced advanced software, which allows for instant, secure and convenient financial transactions for customers visiting any of our branches.”

Ms Bushu said their bureaux de change facilities allow customers to convert foreign currency including the United States dollar, British pounds and South African rand into local Zimbabwean dollars at market-leading rates.

She said streamlined ‘while-you-wait transfers’ were available between CABS, CBZ, Nedbank, Stanbic Bank, Ecobank, FBC Bank, ZB Bank, BancABC and First Capital Bank. Transfers to National Merchant Bank (NMB), Steward Bank, African Century, Standard

Chartered, Agribank and People’s Own Savings Bank (POSB) are also available.

“Mobile cash services include EcoCash, One Money, Textacash and international remittance is possible with Mukuru, MasterCard and Visa.

“Printed receipts will be issued as proof of each transaction and customers can request daily updates on exchange rates,” she said.

Ms Bushu said her organisation has been operating for nearly a decade and to date the company has 17 branches located in Bindura, Bulawayo, Chinhoyi, Chipinge, Chiredzi, Chitungwiza, Gokwe, Gweru, Harare, Kadoma, Kwekwe, Masvingo, Murewa, Mutare, Rusape and Zvishavane.

Last month, Government through the Reserve Bank of Zimbabwe moved to refine the operations of bureaux de change to align their foreign currency exchange rate with that of the official interbank market.

According to the RBZ, one of the key pronouncements made are that bureaux de changes trades be at a margin of around seven percent of the interbank mid-rate as opposed to the previously highly liberalised rate.

The move by the RBZ seeks to bring stability in the foreign currency trade, contrary to the illegal parallel market where the rate skyrockets willy-nilly.

Previously, the interbank foreign exchange market was governed by the willing sellerwilling buyer concept and this did not make reference to the interbank foreign exchange rate.