THE Reserve Bank of Zimbabwe (RBZ) has slashed interest rates by 50 percentage points and increased the portion of earnings that exporters can keep in foreign currency to 75% from 60% previously. The announcement was made in the central bank’s February 2023 monetary policy statement (MPS) rel...
[ December 5, 2024 ] UK Blocks Zimbabwe’s Readmission to Commonwealth Main [ December 5, 2024 ] Zim Central Bank Policies Deliver Stability as Exchange Rates and Inflation Decline Banking Search for: HomeBankingRBZ Raises Mobile Banking Transaction Limit As Inflation Bites ...
Yearly inflation rates have since fallen from a high of 837 % to the current 194 % as at April 30, 2021 amid the slowdown of the Zimbabwe dollar depreciation on both the parallel and official exchange rate markets. Several listed companies and banks have since acknowledged the platform’s imp...
“No one wants dollarisation but it is forced upon us because no one trusts the RBZ,” said economist Farai Mutambanengwe. The lack of confidence in the local currency has resulted in the existence of multi-exchange rates in the economy distorting prices, argued economist Joseph Mverecha. ...
THE inter-bank foreign exchange market has so far traded over $33 million since its introduction towards the end of last month, an official has said. Speaking at the Institute of Chartered Accountants of Zimbabwe monetary policy review in Bulawayo last F
The announcement of the separation of nostro FCA balances from RTGS and the introduction of the interbank market this year further eroded confidence in the market as it led to spikes in the parallel market rates. The February monetary policy statement led to a 42% jump in the All Share Index...
Market intelligence indicated yesterday after the tweeted message by central bank Governor, hours following wild swings in parallel market exchange rates, had calmed nerves and sent rates on gradual downslide, as liquidity on the interbank is set to improve. ...
There are fears that some holders of foreign currency and willing customers might end up transacting outside the formal channels, in the process driving rates and prices up. The interbank market was introduced this February to normalise foreign currency trading and curb the inflationary paralle...
Zimcodd added that while the foreign exchange market remains distorted, as there are many unscrupulous players, including perceived cartels, in a functional economy, exchange rates must be formalised and transparent. A number of companies are saddled with legacy debts as a result of failure to repa...