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Zimbabwe forex dealers struck by fear

by Staff reporter
22 Feb 2019 at 10:37hrs | Views
Illegal foreign currency (forex) dealers were on tenterhooks yesterday as they weighed their options in the wake of new measures by the RBZ that seek to eradicate parallel market activities.  

This has set the stage for the RTGS dollar's sharp devaluation on the official market.

Parallel market rates remained stable yesterday following the decision by Reserve Bank of Zimbabwe Governor, Dr John Mangudya to liberalise the United States dollar exchange rate against Real Time Gross Settlement balances.

The containment of the parallel market rate has been described by economic analysts as a sign of confidence to the monetary policy measures introduced by the central bank.

A survey yesterday showed that the black market rate of the US was stable as it hovered around 1:3.5 bond notes which is the figure that was prevailing before the announcement of Monetary Policy Statement on Wednesday.

Source - Dailynews