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 ...
“You should report on all supermarkets that are not using the ZiG13,5 rate, but using a higher rate. We are not going to tolerate that. They are going to get their licences terminated,” Mushayavanhu told the radio station. He said the official exchange rate was crucial for maintaining ...
The governor insisted that the exchange rate, at any given time, was market driven. Economist Eddie Cross shared similar sentiments saying the formal exchange rate was determined by bids submitted by buyers, relative to available forex. Cross, however, noted the RBZ may have indirect say in the...
In July last year, gold coins were introduced as part of several policy measures to ease demand for the greenback, stabilise the Zimbabwe dollar exchange rate and tame resurgent inflation. But the gold coins have done little to save the local currency that is trading at $1 to $2 100 on t...
Banks may borrow or lend money among themselves to ensure that they have enough liquidity for their immediate needs, or to get rid of excess liquidity. Business recently suggested that the exchange rate must be determined by this rate, instead of the auction system. ...
“But the only way to prevent the increase in base money (total money supply) with new cash in the market and the impact on the exchange rate is for the banks to acquire these notes using their RTGS dollar balances. “What we are doing is that we are swapping existing RTGS cash for ...
Meanwhile, the MPC engagement noted that the parallel market exchange rate had stabilised since the beginning of February 2022 and made deliberations focused on ensuring that the exchange rate remained well anchored and that current short term exogenous inflation pressures from the global economy and ad...
Banks may borrow or lend money among themselves to ensure that they have enough liquidity for their immediate needs, or to get rid of excess liquidity. Business recently suggested that the exchange rate must be determined by this rate, instead of the auction system. ...
Its monetary measures announced last week were meant to contain exchange rate implosion and the rising inflation in the country. Economic analysts had warned that the ban on lending would cripple operations of major manufacturers in the country. ...
05 May 2021 at 07:18hrs | Views THE Reserve Bank of Zimbabwe (RBZ) has approved a $500 million facility for micro, small and medium enterprises (MSMES) to stimulate economic growth.In a statement yesterday, the RBZ said the facility would be accessed through various financial institutions....