Industry Calls For Transparency On The Interbank Market

Captains of industry said that there is a need for honesty on the interbank market as foreign currency remains inaccessible.

Dairiboard Zimbabwe Limited chief executive, Anthony Mandiwanza, noted that foreign currency is not accessible at the quoted rate, which he said will lead to speculative behaviour. He said:

There is a need for more interbank transparency, we are not accessing the foreign currency as we anticipated when the interbank market was introduced.

At times the foreign currency is not accessed at the quoted rate (amount), which is a precursor for speculative behaviour in the economy.

The interbank market was introduced in February this year by the Reserve Bank of Zimbabwe on a willing-seller, willing-buyer basis. It has, however, failed to eradicate the parallel market where forex is readily available but at a high cost.

More: The Herald