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

John MangudyaRTGS DollarsReserve Bank of Zimbabwe

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

Zimbabwe RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins. The introduction of the RTGS Dollars was announced by... Read More About RTGS Dollars

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe

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