The Reserve Bank of Zimbabwe (RBZ) has released figures on the latest foreign currency interbank rates, as at 11 September 2024. Apparently, the RBZ figures comes at the time the local currency is falling drastically on the black market. Meanwhile, prominent economic analyst...
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Nov 20, 2024 Business The Reserve Bank of Zimbabwe (RBZ) has published the Interbank Foreign Currency Exchange Rate,... Read More Power outages slowing sector growth, Chamber of Mines CEO Posted byMuzavazi|Nov 19, 2024|Business| The Chamber of Mines Chief Executive Officer Isaac Kwesu says ...
THE Reserve Bank of Zimbabwe (RBZ) has ruled out using an interbank-driven exchange rate, saying a rate determined at the foreign currency auction system would remain in force. An interbank rate is the interest rate charged on short-term loans between banks. Banks may borrow or lend money am...
“It is, therefore, important that modalities for having a market-determined exchange rate be explored and acted upon, especially the need for an interbank trading platform to emerge where demand and supply of foreign currency will determine the exchange rate, rather than the auction rate being us...
He told the Zimbabwe Broadcasting Corporation that the interbank rate of the RTGS dollar will strengthen against the greenback as the current rates are purely speculative. “The fundamentals are now in place. We have a fiscal surplus. We have a balance of payments surplus. People laugh at that...
Last year, the monetary authorities hiked the overnight accommodation rate from 15 percent to 50 percent in June, and then to 70 percent in September in a move to discourage speculative borrowing and protect the value of the Zimbabwe dollar following its floating on the interbank market for the...
A serious shortage of foreign currency has spurred a black market where the U.S. dollar was on Monday trading at 1:11 RTGS dollars at the minimum, while the official interbank rate was at around 1:6. President Emmerson Mnangagwa said last week that Zimbabweans should expect to start using...
an interbank exchange rate of 114Japanese yento theUnited States dollarmeans that ¥114 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price...
The domestic unit lost considerable grip after plunging from $2,5 to the US dollar at its reintroduction following a 10 year hiatus, de-linking of the parity with the greenback and then floating on the interbank market in February last year. RBZ governor Dr John Mangudya, recently said Zi...