Companies Struggling To Buy Forex At Official Rate – Mangudya

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

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