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Zimbabwe banks get $7m weekly for trading on the forex interbank market

by Staff reporter
09 Mar 2019 at 12:29hrs | Views
Government is selling an average of $7 million to banks for trading on the newly-launched forex interbank market, with Finance and Economic development minister Mthuli Ncube saying government will stay out of the foreign currency exchange market to avoid disrupting the market structure.

He said around $7,5 million was traded last week amid reports about $20 million was traded on the first week the RTGS dollar was introduced.

"Last week we traded around 7,5 million and this was just the beginning," Ncube said in Washington on the sidelines of meetings with IMF bosses.

The Reserve Bank of Zimbabwe (RBZ) announced in a February 20 monetary policy statement that "an inter-bank foreign exchange market in Zimbabwe to formalise the trading of real-time gross settlement (RTGS) balances and bond notes with US dollars and other currencies on a willing-buyer willing-seller basis through banks and bureaux de change."

Source - newsday