On Saturday afternoon, the Reserve Bank of Zimbabwe announced that it is going to inject US $500 Million into the Interbank Forex Market on Monday, 20 May 2019.
The government initially didn’t say where the money had come from. However, following several questions on social media, Finance Minister, Mthuli Ncube intervened and tweeted that the money was sourced from international banks.
Here are some reactions from Zimbabweans on social media:
“Drawing down” from where? Countrymen, we must empty our FCAs. We’ve danced this dance before.
– Fadzayi Mahere
If you have the money don’t bother telling us, just put it into the market and the market will respond accordingly. Your major problem is that many don’t trust you and speaking about this makes many even more sceptical. – ZCTU Zimbabwe
The US$500 million new facility raised from international banks will increase the supply of foreign currency for imports, for industry and other sectors. – Mthuli Ncube
Mapedza kutenga mari pablack market ka – Bustop TV
Firstly drawing down from where? Then secondly, this idea of always trying to assist the market is it sustainable. Why cant the market be left to act in a free manner such that we have a true reflection of what is happening. – Dr Redz
If this is fake news (ie, a lie) it will cause more damage in the long run. The RBZ should be trying to build trust by being honest with business and the population. If they are trying to stabilise the forex market through a lie that will be regrettable – Samie
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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
Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube
Fadzayi Mahere is a Zimbabwean lawyer and MDC politician. Prior to joining MDC, she was an independent politician and political activist known for being vocal in her opposition to Zanu PF governance. She was one of the prominent activists of the #ThisFlag Movement in 2016.... Read More About Fadzayi Mahere