HARARE, Oct 9 (AGCNewsNet) – Zimbabwe has introduced new regulations limiting the amount of cash that individuals can take out of the country without prior approval from the Reserve Bank of Zimbabwe (RBZ). The new directive, gazetted on Tuesday, caps cash exports at US$2,000 or the equivalent in other currencies.

This move is part of the government’s efforts to combat illicit financial flows and enhance financial transparency at the nation's borders. The new regulations apply to all individuals traveling through Zimbabwe's ports of entry, including airports and land borders.

"An individual is now only allowed to take out a maximum of US$2,000 or the equivalent in other currencies from the country without the authorisation of the Reserve Bank of Zimbabwe," AGCNewsNet gathered.

Any amounts exceeding the limit will require RBZ approval, and individuals who fail to comply risk having their excess cash confiscated or facing legal penalties. In recent years, the government has tightened control over foreign currency to stabilize the economy and reduce the externalization of funds. The introduction of this cash export limit is viewed as an additional measure to retain foreign currency within the country to support economic activities.

The RBZ, AGCNewsNet learnt has urged travelers and businesspeople to adhere to the new rules to avoid penalties, stating that enforcement will be strict at all border points.

The new directive is expected to impact cross-border traders, frequent travelers, and those involved in foreign currency transactions. Travelers are advised to plan accordingly if they intend to carry larger sums of cash.