RBZ says interbank activity will pick up

RBZ says interbank activity will pick up 1

By Golden Sibanda The Reserve Bank of Zimbabwe (RBZ) says it remains confident that activity on the interbank foreign currency market will pick up considerably on the back of measures the bank has taken to increase foreign currency inflows. John Mangudya Activity on the interbank has remained largely subdued since the platform was launched in February this year with importers complaining that they are struggling to get the volumes they require for key raw materials imports. Importers now have to buy their foreign currency re on the interbank at the…

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‘RBZ not engaging in quasi-fiscal activities’

‘RBZ not engaging in quasi-fiscal activities’ 2

On Mar 13, 2019 25,569 1 By Shamiso Dzingire Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has denied that the central bank is engaging in any quasi fiscal activities and accused parliamentarians of not understanding what it entails. Reserve Bank of Zimbabwe Governor Dr John Mangudya (left) makes an address during the mid-term monetary policy presentation in Harare as Minister of Finance and Economic Development, Professor Mthuli Ncube listens Mangudya said this while appearing before the Public Accounts and Budget, Finance and Economic Development Committees on Monday. He was…

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MP hails RBZ new measures

MP hails RBZ new measures 3

On Mar 8, 2019 16,797 1 The new measures recently unveiled by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya have been credited with stabilising prices — with youthful Gokwe-Nembudziya MP Justice Mayor Wadyajena — becoming the latest businessman to back them to succeed. Justice Mayor Wadyajena seen here in Parliament This comes as manufacturers have reported significant improvement in sourcing their raw materials following the restoration of an interbank market which now gives them access to buy foreign currency from banks. “Kudos to… JP Mangudya whose monetary policy is…

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Parliament grills Mangudya

Parliament grills Mangudya 4

By Pauline Hurungudo Members of Parliament’s Public Accounts Committee (PAC) yesterday took Reserve Bank of Zimbabwe (RBZ) governor John Mangudya to task over the rising public debt and the activities of a vehicle established by the apex bank in 2014 to manage non-performing loans (NPLs). Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare. —(Picture by Tawanda Mudimu) At yesterday’s PAC hearing that had to…

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Zim urged to adopt currency board

Zim urged to adopt currency board 5

BY TATIRA ZWINOIRA ZIMBABWE should introduce an independent currency board which would stop the Reserve Bank of Zimbabwe (RBZ) from controlling the foreign currency exchange rate, an industry expert has said. In a recent opinion piece in American magazine, Forbes, financial expert Steve Hanke said a currency board would help the country be “open for business”. “That would make Zimbabwe’s currency a clone of the US dollar, or some other suitable anchor, such as gold. A currency board would mandate that exchange controls be thrown in the dustbin. Free convertibility…

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Forex parallel market bullish

Forex parallel market bullish 7

BY BLESSED MHLANGA FOREIGN currency parallel market traders are unfazed by the introduction of the interbank market auction of the real time gross settlement dollars (RTGS$) and have continued trading on the streets without batting an eyelid. United States $100 is fetching $370 RTGS$ or bond note on the black market, while on the interbank market it is trading at 1:2,5 creating a loophole for speculators to take advantage of the gaps. Illegal money changers, said the rate was not affected by the pronouncements made by Reserve Bank of Zimbabwe…

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RTGS dollar starts strong

RTGS dollar starts strong 9

By Gift Phiri Zimbabwe’s new RTGS dollar held firm at around 2,5 to the United States dollar (USD) as it started trading on Friday. The Reserve Bank of Zimbabwe (RBZ) Dr John Mangudya With the bond note, bond coin and RTGS dollar (RTGS$) assuming the role of Zimbabwe’s medium of exchange, banks quoted the new currency within the 2,5 range to the greenback. This was way lower than trades that had obtained on the parallel market before the unveiling of the monetary policy statement on Wednesday, where the USD was…

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Banks start forex trading at 2,5 to US$

Banks start forex trading at 2,5 to US$ 10

By Tawanda Musarurwa Banks have commenced trading in foreign currency at a rate of 2,5 to the United States dollar following the decision by the Reserve Bank of Zimbabwe (RBZ) to float the currency on Wednesday. The Reserve Bank of Zimbabwe (RBZ) Dr John Mangudya This rate, according to observers, is likely to bring stability to the market. RBZ governor Dr John Mangudya announced the introduction of an inter-bank foreign exchange market while delivering his monetary policy statement. Related Articles Yesterday, the governor told business leaders that the central bank…

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Zimbabweans queue outside banks as new currency begins trading

Zimbabweans queue outside banks as new currency begins trading 11

On Feb 22, 2019 32,395 0 By Mike Hutchings Queues formed outside banks in the Zimbabwean capital Harare on Friday as the central bank opened trading of a new currency, a Reuters witness said. Stanbic Bank Zimbabwe Zimbabwe’s central bank announced on Wednesday that it would scrap the peg between its quasi-currency bond note and the US dollar, creating a new currency from the bond notes and notional electronic dollars that will be known as RTGS dollars. The central bank sold banks US dollars at a rate of 2.5 RTGS…

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Zimbabwe’s RTGS dollars explained

Zimbabwe’s RTGS dollars explained 12

On Feb 22, 2019 33,298 2 Zimbabweans queued outside banks in the Zimbabwean capital Harare on Friday as the central bank opened trading of a new currency known as Real Time Gross Transfer dollars or RTGS dollars. Stanbic Bank Zimbabwe Central Bank Governor John Mangudya said the new currency would trade at around 2.5 to the US dollar. So what are RTG Dollars? TechZim’s Alvine Chaparadza explains: RTGS Dollars is money made up of bond notes, bond coins and RTGS balances (electronic money). Related Articles What do consumers have right…

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