The RZB has issued a statement dismissing social media reports that the RZB will, starting tomorrow let the rate free float. The statement signed by Governor Mangudya reads:
PRESS STATEMENT ON THE LIBERALIZATION OF FOREIGN EXCHANGE MARKET
The Bank would like to advise the public to disregard, with the contempt it deserves, the false and mischievous article circulating on social media suggesting that the Bank has devalued the local currency. The intention of such disinformation is to cause panic and despondency, and ultimately destabilize the country’s foreign exchange markets through manipulation of the exchange rate.
We wish to advise the public that, consistent with the Monetary Policy Committee announcement on 19 November 2019, the Bank is enhancing the Reuters foreign exchange trading system to ensure e ciency and e ectiveness in the allocation of foreign exchange to the productive sectors and enhancing price discovery on the interbank market. Already, engagements have been done with Commercial Banks to ensure smooth implementation of this system. Currently, Banks are working on a user-test environment to enhance the e ciency of this foreign exchange trading system.
This is the message that is circulating on social media about the liberalisation of the rate:
One treasurer from one of the banks said it’s supposed to start tommorow and their starting rate will be 35. The rbz is going to liberalize the interbank market tomorrow. No more controls. So the rate is defiantly going to shoot up on interbank. Which means all basic commodities will go up.
And because the interbank still isn’t well funded, people will turn to the black market. Then the black market rate will go up as well. Not sure if the powers that be have okayed the decision. I got Intel that the RBZ wants the rate to float So we have also just stopped selling to manage replacement costs. Still speculation though at this point, nothing confirmed yet
Zuva not doing any deliveries today am sure they have inside info this is happening soon. Commodity prices due to go up sharply in Zimbabwe. Please advise loved ones to purchase now if they have funds available. Gvt due to announce a raft of measures (free market leaning), that will adversely affect exchange rate in the immediate term.
Click this link to view the full press release. Press Statement on the Liberalization of Foreign Exchange Market – 13 February 2020
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