The central bank, Reserve Bank of Zimbabwe (RBZ) has released the latest interbank foreign currency exchange rate and prices for gold coins and digital gold-backed tokens. The tokens represent the digital form of the actual gold held by the RBZ. The value of a ZiG is quoted daily on the ...
THE Reserve Bank of Zimbabwe (RBZ) has scrapped the US$10 000 daily trading limit for bureaux de change and the 2,5 percent maximum profit margin for banks to make the interbank forex market more efficient and bolster Government’s currency reforms. This comes after Government on Monday outlaw...
The removal of the IMTT would cost Treasury about ZWL$1,6 billion daily. In the first half of the year, this tax head brought in revenue of about ZWL$288 billion. The push to tap into the informal sector comes as the central bank data showed that US$1,6 billion was in nostro accoun...
This requirement disqualifies the group’s Zimbabwean operation from bidding because of daily USD sales inflows into its FCAs, which makes the auction rate inaccessible, and therefore fails to meet the accessibility criteria required by IAS 21,” Simbisa explains. Secondly, the auction is facing ...
He said although banks agreed to start trading the RTGS dollars as $2,50 to US$1, going forward the rate will be determined on a daily basis by market forces. "The bank rate will determine the rate on the market. We will arrange foreign lines of credit since demand will be greater th...
The maximum allowable margin on small transactions to be charged by bureaux de change was also increased from 5% to 8% while the daily maximum limit per transaction was revised to US$2 000 at bureaux de change level to cater for foreign exchange requirements for individuals, micro and small ...
“These margins are inclusive of commissions and fees. The RBZ shall continue to publish the daily interbank mid-rate for foreign currency trading. “In line with Section 3 (1) (c) of the Exchange Control (Authorised Dealers with Limited Authority)order 2015, Statutory Instrument 104 of...
“If we close the free market, we create the parallel market. Between July and September there was consistency between parallel and official exchange rate of 15-20 percent disparity. “Our wish is to narrow the gap, which is why the RBZ adopted the willing-buyer, willing-seller exchange rate...