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Companies Struggling To Buy Forex At Official Rate – Mangudya

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Reserve Bank of Zimbabwe (RBZ) governor John Mangudya told Parliamentarians yesterday that the inter-bank foreign exchange market is averaging trades of US$12 million weekly.

Mangudya told the Portfolio Committees on Public Accounts Budget, Finance and Economic Development that some companies are struggling to purchase foreign currency on the official market. Said Mangudya:

On average for the past three weeks since the inter-bank market started it has been about US$12 million that has been traded. What we have noticed is that those parents with children at foreign schools and colleges are struggling to buy foreign currency at US$1 to 2,5 (RTGS dollars) because they do not have the RTGS dollars. Even some firms who are claiming that they do not have foreign currency, it (forex) is so because they cannot afford to buy it at 2,5.

More: Chronicle

RTGS DollarsReserve Bank of ZimbabweJohn 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

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

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