News / National
RBZ cannot control black market exchange rate
05 Jun 2023 at 01:48hrs | Views
THE Reserve Bank of Zimbabwe (RBZ) is not responsible for the skyrocketing black-market exchange rate amid rising inflation in the country, according to the its senior payment systems analyst, Howard Tundu.
The Zimbabwe dollar is currently trading at about $3 800 to the US dollar on the parallel market.
Speaking at the Consumer Education and Awareness Campaign hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) at Jerera growth point in Zaka in Masvingo province, Tundu said the central bank could not control what people chose when trading.
"As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar," Tundu said.
Africa Economic Development Strategies executive director Gift Mugano told NewsDay in an interview that the RBZ was resisting facing reality.
"The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
"The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions. You can't say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat," Mugano said. Consumer Council of Zimbabwe (CCZ) Mashonaland consumer protection officer Tapiwa Lloyd Mombeshora said consumers had a right to demand fair value of goods and services.
"When we talk about the theme Fair Digital Financial Services RBZ is responsible for giving those licences but if we do not get the fair value it's our right as consumers to question them," he added.
Some community members expressed concern over poor network connectivity in the area.
The Zimbabwe dollar is currently trading at about $3 800 to the US dollar on the parallel market.
Speaking at the Consumer Education and Awareness Campaign hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) at Jerera growth point in Zaka in Masvingo province, Tundu said the central bank could not control what people chose when trading.
"As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar," Tundu said.
"The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
"The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions. You can't say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat," Mugano said. Consumer Council of Zimbabwe (CCZ) Mashonaland consumer protection officer Tapiwa Lloyd Mombeshora said consumers had a right to demand fair value of goods and services.
"When we talk about the theme Fair Digital Financial Services RBZ is responsible for giving those licences but if we do not get the fair value it's our right as consumers to question them," he added.
Some community members expressed concern over poor network connectivity in the area.
Source - newsday
