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RBZ mulls forex interbank market
02 Nov 2018 at 06:33hrs | Views
The directive by the Reserve of Zimbabwe (RBZ) early last month for banks to separate foreign currency accounts (nostros) and Zimbabwe's surrogate currency (bond notes/RTGS) balances, was part of initial steps towards the introduction of market based foreign exchange distribution - the interbank market - Business Weekly reported.
RBZ governor Dr John Mangudya on the 5th of last month directed all banks to separate foreign currency accounts or nostros and real time gross settlement (RTGS) balance holding accounts in order to prevent intermingling of the funds, a scenario he said discouraged inflows of foreign currency.
When the central bank chief made the directive, he also announced a cocktail of lines of credit, including from Afreximbank, meant to entrench the multi-currency system and also ensure economic stability.
RBZ governor Dr John Mangudya on the 5th of last month directed all banks to separate foreign currency accounts or nostros and real time gross settlement (RTGS) balance holding accounts in order to prevent intermingling of the funds, a scenario he said discouraged inflows of foreign currency.
When the central bank chief made the directive, he also announced a cocktail of lines of credit, including from Afreximbank, meant to entrench the multi-currency system and also ensure economic stability.
Source - Business Weekly
