US$799 Million Worth Of Forex Traded On The Interbank Market - RBZ

The Reserve Bank of Zimbabwe (RBZ) says about US$ 799.0 million worth of foreign currency has been traded on the interbank market since its introduction.

In his 2019 mid-term Monetary Policy Statement released on Friday, RBZ governor John Mangudya also revealed that the current account deficit has narrowed considerably. He said:

The introduction of the interbank foreign currency market was meant to address the foreign currency grid-lock arising from widening parallel market activities by harnessing foreign exchange through the formal market.

As a result, about US$ 799.0 million worth of foreign currency has been traded on the interbank market since its introduction.

… The current account deficit narrowed from a peak of US$2.7 billion in 2011 to US$1.4 billion in 2018 and is projected to further contract to US$597.2 million in 2019.

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This development augurs well with an easing of pressures on the foreign currency demand and exchange rate stability.

The Bank has, however, gone a long way to contain money supply growth through mopping up of excess liquidity and reducing central bank financing of government deficits.

Similarly, the exchange rate depreciation has been contained and the interbank rate has stabilised following the removal of the multiple currency system in June 2019.