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 ...
Government hopes that the gold coins will stabilise the exchange rate and absorb excess liquidity on the market. They will also be used as collateral if one wants to borrow money from banks. Mangudya said the first batch of the coins was minted outside the country using external agencies. How...
"Entities were borrowing substantial amounts of money from banks, they would then use that money for the purposes of manipulating the exchange rate. They would take the funds today, when there is a certain rate, after a month or two, they then repay the loan in full, knowing that it wil...
Allotment of the latest auction is today. The bills have an “open tender on a yield basis” interest rate and other special features which include prescribed and liquid asset status, tax exemption and acceptability as collateral for overnight accommodation at the central bank. Although the RBZ h...
"We would love convergence, but it requires the business community to also walk the talk," he said Monday in an interview in the capital, Harare. "Convergence must be at a realistic exchange rate." A weekly foreign currency auction run by the central bank resumed Tuesday after a more than...
Alternatively, the banks would make special arrangements between clients, from which they made huge commissions, instead of facilitating and promoting trading on the interbank foreign exchange market. There is also a general feeling that the central bank is “managing” the interbank rate to prevent ...