Reserve Bank of Zimbabwe governor John Panonetsa Mangudya on Tuesday said that he expected the official exchange rate of the RTGS Dollar to converge with that on the black market within three months.
According to a Reuters report, the value of that currency was on Tuesday trading at 3.3 against the U.S. dollar and at 5 to the dollar on the black market.
Speaking in Harare on Tuesday, Mangudya said:
I think within three months we will have a convergence of these rates of parallel market and interbank market rate.
Mangudya has vehemently denied reports that the Central Bank is manipulating the official exchange rate.
President Emmerson Mnangagwa on Tuesday extended Mangudya’s contract with another 5 years.
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