Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has blamed some unscrupulous forex dealers who have manipulated the interbank market, causing it to lose momentum.
Speaking to Business Times, expressed hope that the foreign currency trading platform will regain steam. He said:
It (interbank) was working very well until some (sentiment) went through the financial services sector and then we lost momentum and we are praying for it to come back again.
The interbank market was introduced in February this year and started trading at 2.5. However, the rate has plummeted to 15.7 while it is at 19.5 at the parallel market.
Mandgudya added that the 50 influential corporates, which account for ZWL$9.5bn of the ZWL$19bn deposits, should be monitored so that they do not manipulate the exchange rates and cause inflation.
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Since attaining Uhuru Zimbabwe enjoyed the services of only two professionals at RBZ! ie Tsumba and Moyana.
If by manipulation of the exchange rate mangudya means exercises their tight to trade on the standard willing buyer willing seller principle then he must leave office right now because prayer alone is not going to save us. The principle of supply and demand is not manipulation it is just that…supply and demand!! The lesser the forex there is in the country, the higher the rate of exchange. The demand for forex will not shrink simply because the availability of forex is shrinking. This is not manipulation, its reality. These thickheads must stop lying to the nation