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RBZ ropes in banks to clear forex backlog

by Staff reporter
26 Nov 2020 at 07:48hrs | Views
The Reserve Bank of Zimbabwe has approached local banks to help clear a two-week backlog of unpaid importers invoices amid indications that the auction is struggling to keep up with demand for foreign currency.

Eddie Cross a member of the MPC said the central bank was asking the banks to fund the cash flow for a week.

He said they had agreed to aim for 14 days to clear all applications.

Meanwhile, the Reserve Bank of Zimbabwe is working on a regulatory framework for cryptocurrency trading platforms operating in the country.

Governor John Mangudya said that the central bank was not against financial development as it had formed the national Fintech group to look at digital currencies.

Already circulars have been sent to banks about the sandboxes and requesting for their proposals.

Source - fingaz

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