Govt Should Determine Foreign Exchange Rates And Not The Market: Cross-Border Association

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The Zimbabwe Cross Border Traders Association has called on the government to regulate the rates for foreign exchange instead of leaving market forces to determine the rates. The cross-border traders also raised concerns at the number of bond notes and foreign currency which they say have flooded border towns yet there are cash shortages in the rest of the country. President of the organisation, Killer Zivhu said,

We are concerned with the situation where ordinary Zimbabweans countrywide are affected by the liquidity crisis and the fact that there is no money in the banking system yet the black market in border towns is well supplied…Government should encourage these people to form consortiums and open bureau de changes. Under such a set-up it (Government) can be able to regulate exchange rates, rather than the current scenario where those with deep pockets are determining the rates willy-nilly.

More: Herald

Bond Notes

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

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