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The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market. This latest injection follows previous interventions by the central bank, which poured $64 million into the market in September and $50 million in August, reported <a href="https://www.businessweekly.co.zw/rbz-intervenes-again-with-forex-to-cool-the-market/">Business Weekly</a>.
This comes after the central bank recently devalued the Zimbabwe Gold (ZiG) currency by 43%.
RBZ Governor John  Mushayavanhu said the RBZ will persist with its market interventions to support the willing-buyer willing-seller foreign exchange system. Said Mushayavanhu:
<blockquote>
The RBZ will continue to intervene in the market to augment the willing-buyer willing-seller market so as to ensure that all bona fide forex requirements are met. Last week we intervened to the tune of US$50 million but only US$34 million was bought.
</blockquote>
However, captains of industry interviewed by Business Weekly said the central bank is not doing enough to facilitate the smooth operation of the foreign currency market.
Kurai Matsheza, the former president of the Confederation of Zimbabwe Industries (CZI), said that while there may be multiple reasons for the low uptake, industry has various demands that require access to foreign currency. Said Matsheza:
<blockquote>
The money was released and available to our members, but what we are sure of is that the pipeline demand for foreign currency is much more than the figure that is being said. So it might be an issue of other measures of control by the Bank that has reduced demand.
</blockquote>
He suggested that one reason for the reduced uptake of foreign currency is the policy stating that a company cannot bid for foreign currency if it has existing nostro balances.
Matsheza confirmed that any company with foreign currency in its accounts is automatically disqualified from submitting a bid. He said:
<blockquote>
Yes, the meeting was held, and recommendations were made that the measure should be removed as companies hold foreign currency for different reasons.
It might be for obligations that are to be settled in a week or 10 days’ time and for some, it can be for capital expenditure which is budgeted for.
</blockquote>
Matsheza said stakeholders told the RBZ that members do not go to the market without a genuine cause.
Tapiwa Karoro, the president of the Zimbabwe National Chamber of Commerce (ZNCC), said:
<blockquote>
The US$50 million injection means that the RBZ is willing to keep the market well-oiled and our members have not yet said anything about being prevented from accessing the money on the market.
So, we should not speculate why the market uptake was not equal to the injection, because we cannot know the exact demand in a week.
</blockquote>
Industrialist Sean Muzangwa stated that although the recent forex injections by the RBZ have been beneficial, additional support is necessary to rebuild industrial confidence. Said Muzangwa:
<blockquote>
The RBZ’s actions are commendable, but what we need now is policy consistency. If businesses are to plan, they must be confident that the rules of the game will not change unexpectedly. Only then can we expect sustained growth and a stable currency.
Industries are struggling with delays in accessing foreign currency, which affects production timelines.
The RBZ must streamline its processes and reduce bureaucratic hurdles to ensure that the economy runs smoothly.
A responsive, agile system is critical to restoring confidence and keeping industries productive.
</blockquote>
Economist Gladys Shumbambiri-Mutsopotsi contended that although the RBZ’s intervention has offered temporary relief, the overall effect on the economy will hinge on implementing structural reforms. She said:
<blockquote>
Stabilising the exchange rate without addressing underlying issues like inflationary pressures and market confidence, is a short-term solution.
To ensure long-term stability, we need deeper fiscal discipline and enhanced transparency in the forex market…
The key issue right now is communication. The RBZ must clearly outline its long-term plan for the currency market.
Without a clear roadmap, market participants will remain cautious, and this will continue to hinder the efficient allocation of foreign currency.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The Reserve Bank of Zimbabwe put $50 million into the market to help it be stable. They previously put in $64 million in September and $50 million in August. The bank recently made Zimbabwe's currency less strong, causing a 43% drop in value. The bank will continue to help the market so people who want to buy and sell foreign money can do so easily. Some business leaders think the bank needs to do more to help the market work well. They want clearer rules and less bureaucracy. Experts say more changes are needed to make sure the market is stable in the long run.

RBZ Injects Additional $50 Million To Stabilise Market

The Reserve Bank of Zimbabwe (RBZ) has reportedly injected US$190 million into the foreign exchange market to meet demand for dollars and maintain economic stability since the introduction of the Zimbabwe Gold (ZiG) in April.
Launched in April 2024, the ZiG is backed by reserves of gold, precious metals, and cash held at the central bank.
In a phone interview with Bloomberg on Monday, Persistence Gwanyanya, a member of the RBZ’s monetary policy committee (MPC), confirmed that the central bank has injected a total of US$190 million into the forex market since the ZiG’s launch. Said Gwanyanya:
<blockquote>
Initially, there was not much need to intervene at the launch of ZiG. But now there has been, with the emerging volatilities, which show reduced dollarization in the economy from 85% to 60%.
Dedollarisation is happening faster than we expected. We tend to experience these challenges, so we need to manage all the pressures.
</blockquote>
In late July, the RBZ announced that it had injected US$50 million into the market to meet the demand for dollars among Zimbabwe’s lenders.
The ZiG represents Zimbabwe’s sixth attempt to establish a functional local medium of exchange in the past 15 years.
As of Monday, September 2, the ZiG was trading at 13.86 per dollar on the official market, according to data posted on the central bank’s website.
However, <a href="https://zimpricecheck.com/">ZimPriceCheck.com</a>, which tracks both official and unofficial exchange rates, reports that a U.S. dollar is fetching between 16 and 26 ZiG on the streets of Harare.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe put $190 million in the forex market to get more dollars and keep the economy steady since introducing ZiG. ZiG, began in April 2024, is tied to gold, precious metals, and cash held by the central bank. Persistence Gwanyanya said the bank injected $190 million to deal with recent challenges due to less use of the dollar in the economy. RBZ also gave $50 million in July. ZiG is the sixth try in 15 years to create a local currency. ZiG was trading at 13.86 per dollar, but street rates in Harare were 16 to 26 ZiG for one dollar.

RBZ Injects US$190 Million Into Forex Market To Meet Demand

<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe (RBZ)</a> governor <a href="https://www.pindula.co.zw/John_Mangudya" rel="noopener noreferrer" target="_blank">John Mangudya</a> has blamed some unscrupulous forex dealers who have manipulated the interbank market, causing it to lose momentum.
Speaking to Business Times,  expressed hope that the foreign currency trading platform will regain steam. He said:
<blockquote>It (interbank) was working very well until some (sentiment) went through the financial services sector and then we lost momentum and we are praying for it to come back again.</blockquote>
The interbank market was introduced in February this year and started trading at 2.5. However, the rate has plummeted to 15.7 while it is at 19.5 at the parallel market.
Mandgudya added that the 50 influential corporates, which account for ZWL$9.5bn of the ZWL$19bn deposits, should be monitored so that they do not manipulate the exchange rates and cause inflation.
<h4>More: <a href="https://businesstimes.co.zw/interbank-has-lost-steam-mangudya/" rel="noopener noreferrer" target="_blank">Business Times</a></h4>

Interbank Market Has Lost Momentum - Mangudya

Reserve Bank of Zimbabwe governor John Panonetsa Mangudya on Tuesday said that he expected the official exchange rate of the RTGS Dollar to converge with that on the black market within three months.
According to a Reuters report, the value of that currency was on Tuesday trading at 3.3 against the U.S. dollar and at 5 to the dollar on the black market.
Speaking in Harare on Tuesday, Mangudya said:
<blockquote>I think within three months we will have a convergence of these rates of parallel market and interbank market rate.</blockquote>
Mangudya has vehemently denied reports that the Central Bank is manipulating the official exchange rate.
President Emmerson Mnangagwa on Tuesday extended Mangudya’s contract with another 5 years.
<h4>Related:</h4>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/04/26/captains-of-industry-say-manipulation-of-interbank-market-should-end/" rel="noopener noreferrer" target="_blank">Captains Of Industry Say Manipulation Of Interbank Market Should End</a></h4>
</li>
</ul>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/04/25/full-thread-why-the-interbank-market-is-a-missed-opportunity/" rel="noopener noreferrer" target="_blank">FULL THREAD: Why The InterBank Market is a Missed Opportunity</a></h4>
</li>
</ul>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/03/11/companies-struggling-to-buy-forex-at-official-rate-mangudya/" rel="noopener noreferrer" target="_blank">Companies Struggling To Buy Forex At Official Rate – Mangudya</a></h4>
</li>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/04/14/new-monetary-policy-good-but-government-not-trusted-anymore-business/" rel="noopener noreferrer" target="_blank">New Monetary Policy Good, But Government Not Trusted Anymore: Business</a></h4>
</li>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/03/14/rtgs-dollar-weakens-on-interbank-market/" rel="noopener noreferrer" target="_blank">RTGS Dollar Weakens On Interbank Market</a></h4>
</li>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/03/28/olivine-struggling-to-access-forex-on-the-interbank-market/" rel="noopener noreferrer" target="_blank">Olivine Struggling To Access Forex On The Interbank Market</a></h4>
</li>
</ul>
More: <a href="https://af.reuters.com/article/zimbabweNews/idAFL5N22J5D5" rel="noopener noreferrer" target="_blank">Reuters</a>

Mangudya Expects Official & Black Market Rates To Be At Par In 3 Months

According to the ZimBollar Research Institute, the Reserve Bank of Zimbabwe failed to deal decisively with the financial black market (alternative market) when it floated the bond note. <a href="https://twitter.com/ZimBollar/status/1121389571072253953" rel="noopener noreferrer" target="_blank">Below is the full thread on the RBZ missed an opportunity:</a>
<blockquote>Why the InterBank Market is a Missed Opportunity
In an unconventional fashion, we will use a scripture reference from the word of God in Mark 3 v 27- “No Man can enter into a strong man’s house and spoil his goods except he will first bind the strong man…….”
The STRONG MAN in the context of Zimbabwe’s Currency crisis is the Forex Alternative Market. When the Interbank Market was introduced on 22 Feb 2019, the RTGS/USD rate was at $3.85. Whatever interventions we would make were supposed to match (BIND) the Alternative Market (STRONGMAN)…..
To completely eliminate the Alternative Market the Interbank Market needed to set the initial price above the $3.85 obtaining on the 22 Feb 2019 instead of a starting rate of $2.5. This would have incentivised USD Holders to use official channels and improve forex supply.
Instead of allocating forex seed capital to kickstart the Interbank Market, the RBZ should simply have genuinely liberalised the market and allow Banks to match whatever the IB Market was offering. Seed capital should have been introduced later to improve forex supplies and sustain the market.</blockquote>
Related:
<ul>
<li class="entry-title"><a href="https://news.pindula.co.zw/2019/03/11/companies-struggling-to-buy-forex-at-official-rate-mangudya/" rel="noopener noreferrer" target="_blank">Companies Struggling To Buy Forex At Official Rate – Mangudya</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2019/04/14/new-monetary-policy-good-but-government-not-trusted-anymore-business/" rel="noopener noreferrer" target="_blank">New Monetary Policy Good, But Government Not Trusted Anymore: Business</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2019/03/14/rtgs-dollar-weakens-on-interbank-market/" rel="noopener noreferrer" target="_blank">RTGS Dollar Weakens On Interbank Market</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2019/03/28/olivine-struggling-to-access-forex-on-the-interbank-market/" rel="noopener noreferrer" target="_blank">Olivine Struggling To Access Forex On The Interbank Market</a></li>
</ul>

FULL THREAD: Why The InterBank Market is a Missed Opportunity

The Minister of Finance and Economic Development, Mthuli Ncube said that the interbank market rate will soon catch up with the black market rate, and make the latter irrelevant.
While responding to a question by Mashonaland Central Senator Angeline Tongogara, who has inquired on what the government is doing to blot out the alternative market, Ncube said:
<blockquote>What we have done so far is to complete the monetary policy reforms announced on February 22 and the introduction of the market-based exchange rate and designation of the RTGS dollar as local currency.
In the last few days, the exchange rate has gone up to 1:3 to the US$ and we have made sure that there is a market-based exchange rate whose behaviour approaches the black market, hoping that with time the black market will be eliminated.
I am sure as we trade in tobacco that the black market will diminish. We want to see a Zimbabwe which does not have a black market.</blockquote>
<h4>Related:</h4>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/03/12/rtgs-dollar-to-weaken-ahead-of-tobacco-auction-rbz/" rel="noopener" target="_blank">RTGS Dollar To Weaken Ahead Of Tobacco Auction – RBZ</a></h4>
</li>
</ul>
<h4>More: <a href="https://www.newsday.co.zw/2019/03/ncube-admits-to-rtgs-devaluation/" rel="noopener" target="_blank">Newsday</a></h4>

Mthuli Ncube Admits To Devaluation Of RTGS Dollar

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