Regulatory Framework

The Capital Flows Management framework in Zimbabwe is anchored on the Exchange Control Act [Chapter 22:05] and its accompanying statutory instruments, which empower the Reserve Bank to supervise, monitor, and manage foreign currency transactions to safeguard national financial stability. This framework ensures that all cross-border financial flows are conducted in accordance with national priorities and in a manner that promotes transparency, accountability, and economic resilience. The regulations apply to individuals, corporates, financial institutions, and international organisations operating within Zimbabwe’s jurisdiction. An updated Guidelines is maintained on this website to ensure that all the players in the foreign trade and investments are kept informed about the expectations and requirements.

Zimbabwe continues to progressively liberalise its current account transactions in line with global trends and regional commitments, particularly under the Southern African Development Community (SADC) and African Continental Free Trade Area (AfCFTA) frameworks. The country also benchmarks with OECD requirements though the country is not part of the OECD countries. The Reserve Bank also works closely with the International Monetary Fund (IMF) in the continuous perfection of the country’s capital flows management measures. The liberalisation of controls on trade-related transactions and foreign investments reflects the Reserve Bank’s commitment to facilitating the free movement of goods, services, and people. In line with its strategic direction, the Bank subscribes to the understanding that liberalisation enhances investor confidence, reduces transaction costs, and supports the integration of Zimbabwe into the global financial system while encouraging diaspora participation and private capital inflows.

At the same time, the Capital Flows Management framework balances openness with prudential macroeconomic measures aimed at maintaining monetary and exchange rate stability, managing foreign exchange reserves, and safeguarding against illicit financial flows. The Reserve Bank implements Capital Flows Management measures which are responsive to economic conditions and aligned with the broader goal of sustainable growth. The framework ensures that foreign exchange resources are deployed efficiently and in support of national development priorities, while preserving the financial system’s integrity and protecting the public interest.

  1. Exchange Control Act, Chapter 22:05 [.pdf | 292KB]
  2. Exchange Control Regulations, 1996 (Statutory Instrument 109 of 1996) [.pdf | 355KB]
  3. Exchange Control (General) Order, 1996 (Statutory Instrument 110 of 1996) [.pdf | 420KB]
  4. Exchange Control (Authorised Dealers with Limited Authority) Order, 2015, Statutory Instrument 104 of 2015 [.pdf | 787KB]