RBZ Establishes Inter-bank Foreign Currency Market

The Reserve Bank of Zimbabwe (RBZ) has introduced an inter-bank foreign currency market, where banks and bureau de change will trade in currency including RTGS dollars on a willing buyer, willing seller basis.

Presenting the 2019 Monetary Policy on Wednesday afternoon, RBZ Governor, Dr John Mangudya said the inter-bank system, which will see RTGS balances, bond notes and coins being immediately denominated as RTGS dollars. He also confirmed RBZ has arranged sufficient lines of credit to enable it to maintain adequate foreign currency to underpin the foreign exchange market. Said Mangudya:

An inter-bank foreign exchange market to formalise the selling and buying of US$s and other currencies through banks and bureaux de change….is essential in order to bring sanity in the foreign currency market whilst at the same time promoting exports, diaspora remittances and investments for the good of our national economy.

More: ZBC

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