Overview
Our International Banking and Exchange Control Division is dedicated to assist our clients navigate the world of Trade Finance, International payments, Exchange Control and associated services. In line with the Banks Medium Term Strategy, the Division priorities Structured Trade and Commodity Finance within the Energy and Power, Transport, Water and Sanitation, ICT and Housing sectors in Zimbabwe. Generally, the Division targets participation in activities where anticipated developmental impacts are significant, beneficiary to all Zimbabweans and are congruous to the Bank’s mandate. The Division offers various Trade and Payments services and conveniences within the infrastructure value chain as detailed below;
Structured Trade and Commodity Finance
Through our network of Correspondent bankers, we facilitate Structured Trade and Commodity Finance throughout the Infrastructure value chain. We assist our importing and exporting clients through various Trade Finance instruments including Import and Export Letters of Credit and Foreign Bank Guarantees. Our services range from simply Advising of Letters of Credit to more complex Structuring, Risk Participation and the provision of Syndication Arrangements within the infrastructure value chain.
International Payments
Payment systems are the backbone of the financial infrastructure of any nation. Apart from buttressing globalization and catalysing financial inclusion, payment systems expeditiously facilitate the movement of the much needed development funds from source to destination in an efficient and cost effective manner. The Bank’s International funds transfer services are optimized to handle international remittances in an efficient and cost effective manner that is fit for the purpose of championing infrastructure development in Zimbabwe.
Exchange Control Services
The IDBZ is a fully Authorized Foreign Exchange Dealer conversant with the requirements of the Zimbabwe Exchange Control Authorities. The Bank is well positioned to give advice on all aspects of Exchange Control in Zimbabwe as they relate to Infrastructure business and Development Banking in general. We endeavour to assist our clients in complying with the Zimbabwe Exchange Control rules, regulations and requirements at all times.
Other Complementary Banking Services
The Division handles the Bank’s foreign currency denominated business. IDBZ accepts deposits related to infrastructure business from corporates and individuals in all the denominated currencies which are United States of America Dollar, Great British Pound, EURO, South African Rand, Chinese Yuan and Botswana Pula. The Bank also offers local real time funds transfer services over the ZETSS platform.
Business Conditions September 2021