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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>

Pindula News

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 member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) has revealed that a maximum of 15 000 gold coins will be issued saying it was never the central bank’s intention to continue issuing them without limit.
This comes after the International Monetary Fund (IMF) on Thursday said Zimbabwe should wind down the use of gold coins.
An MPC member Persistence Gwanyanya told Business Times that the gold coins were a “necessary intervention at the time”. He said:
<blockquote>
That’s why by 22 November, RBZ has only issued 14 200 gold coins worth ZWL$13.6bn. The target was always to issue a maximum of 15 000 gold coins that’s why the IMF agreed with the authorities to wind down the issuance of the same.
Having achieved a measure of stability the focus is now on attractive ZWL investment instruments to anchor our currency.
</blockquote>
The central bank introduced gold coins in July 2022 to mop excess local currency balances blamed for fuelling the parallel market exchange rate resulting in the accelerated depreciation of the Zimbabwe dollar.
The RBZ also hiked the bank policy rate to 200% from 80% to halt borrowing for speculative purposes. | <a href="https://businesstimes.co.zw/gold-coins-had-a-ceiling-of-15000-says-mpc-member/">Business Times</a>

"Gold Coins Had A Ceiling Of 15 000"

President Emmerson Mnangagwa has claimed that the <a href="https://zero.pindula.co.zw/rbz-mpc-member-says-mosi-oa-tunya-gold-coins-results-have-been-exceptional/">Mosi-oa-Tunya gold coins</a> introduced in July this year have mopped up close to $10 billion from the parallel market.
Writing in his weekly column in the <a href="https://www.sundaymail.co.zw/zim-is-on-the-rise">Sunday Mail</a>, the president claimed that Zimbabweans have an appetite for gold coins, hence government will introduce smaller coins next month. He said:
<blockquote>
The Reserve Bank of Zimbabwe (RBZ) has sold over 10 000 gold coins for about US$15 million. This means Zimbabweans have an appetite for gold coins and to save. Our target is to release US$30 million worth of coins.
By mid-November this year, the RBZ should be in a position to unveil smaller denominations of gold coins, whose value will range from a tenth, a quarter, to half of an ounce. 
This allows more Zimbabweans to participate, including those in lower-income bands. That way, we buoy our currency, while stimulating national savings.
</blockquote>
Finance ministry spokesperson Clive Mpambela said the gold coins were effective in stabilising the exchange market in addition to other initiatives by the government including the value for money initiative.
Economist Persistence Gwanyanya said in the face of increased instability, gold coins were a viable alternative to restore the value of the local currency. 
The gold coins were introduced on the 25 of July 2022 with multi-dimensional objectives, including clearing excess liquidity which was considered a factor behind the freefall of the local currency. 
However, some analysts, however, say the introduction of smaller gold coins will not assist the country’s economic growth as government needs to support the weak productive sector more to achieve economic growth.
Analyst Effie Ncube told <a href="https://www.newsday.co.zw/local-news/article/200001805/gold-coins-mopped-up-10bn">NewsDay</a> that while gold coins might temporarily slow down inflation and reduce pressure on the exchange rate, the government needs a holistic approach to addressing the country’s economic crisis.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Zimbabweans Have An Appetite For Gold Coins And Saving - President Mnangagwa

Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee Member Mr Persistence Gwanyanya, has said the Mosi-oa0Tunya gold coins that were introduced on the 25th of July this year have been exceptional in curbing inflation.
He told <a href="https://www.zbcnews.co.zw/gold-coins-suffocate-parallel-market-activities/">ZBC News</a> that more than 5 000 gold coins have been sold as of Wednesday 24 August 2022, mopping up ZWL4 billion of money in the market. Gwanyanya was quoted as saying:
<blockquote>
The results of the gold coins have been exceptional in that they have managed to stop the skyrocketing parallel market which is devoid of any fundamentals hence the obtaining situation is encouraging and commendable for the benefit of the whole country.
We are also seeing a trend whereby companies are now opting to pay salaries and services using the US dollar and this is a good situation for the country whereby foreign currency is readily available for those who need it.
</blockquote>
The Mosi-oa-Tunya Gold Coins were introduced with multi-dimensional objectives, including clearing excess liquidity which was considered as a factor behind the freefall of the local currency.
It was argued back then that the gold coins will trigger a shortage of the Zimbabwean dollar forcing companies and individuals who are sitting on large sums of U.S. dollars to release them into the market for circulation.
Notably, the parallel market rate has in recent weeks been a little bit stable compared to months ago when the Zimbabwe dollar was shedding value against the U.S. dollar at an unparalleled rate.
A snap survey by Pindula News suggested that some forex dealers were recently giving ZWL$700 cash for a U.S. dollar or ZWL$650 if it’s electronic. 
Meanwhile, the official exchange rate is currently at ZWL521 per every one US$. 
Meanwhile, private-owned commuter omnibuses have been raising fares lately. From ZWL$220 TO ZWL$350 to ZWL$400 and eventually to ZWL$500 within one week. 
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

RBZ MPC Member Says Mosi-oa-Tunya Gold Coins Results Have Been Exceptional

Two prominent economists, Prosper Chitambara and Persistence Gwanyanya have accused local businesses of profiteering and indiscipline, traits which they say explains the spike in prices of commodities.
In December 2020,  Zimbabwe recorded a 4.2 percent inflation rate after prices of most basic commodities rose sharply partly due to input costs in fuel and operating license fees among other issues.
The economists observe that some businesses were however taking advantage of the developments to unreasonably raise the prices of their commodities.
Speaking to NewZimbabwe on Monday, Chitambara said:
<blockquote>The tendency of profiteering exists among our businesses and in many cases the mark-up prices are much higher than international best practices which state that increases must not surpass 30% of mark up.
Activating statutory bodies to investigate and hold businesses found guilty of malpractices can be implemented through holistic engagement of the private sector in the long term.</blockquote>
Chitambara also blamed poor competition in the markets saying sectors like telecommunication operators are enjoying duopoly, a practice which occurs when two companies control the market.
Meanwhile, Gwanyanya accused unscrupulous traders of hoarding goods and reselling them taking advantage of price differences in the markets.
<blockquote>Admittedly, there are some factors which leave companies with no choice except to increase prices, but it is important for traders to do so in line with justified reasons.</blockquote>
He said the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction has done a lot to eradicate such malpractices and expressed optimism that going forward pricing discipline will likely position itself.
More: <a href="https://www.newzimbabwe.com/economists-bemoan-zims-profiteering-indiscipline/" rel="noopener" target="_blank">NewZimbabwe</a>

Economists Accuse Businesses Of Profiteering

Persistence Gwanyanya (PG), founder of the Bullion has observed that contrary to public expectation, the government has not eased austerity measures. Recently, government officials issued contradicting statements with regards the austerity measures. Foreign Affairs Minister, Sibusiso Moyo, said that the <a href="https://news.pindula.co.zw/2019/07/23/things-are-going-to-be-tighter-to-a-maximum-of-3-years-govt/">nation should brace for three more tougher years.</a> The president, Emmerson Mnangagwa and Reserve Bank of Zimbabwe Governor, Dr John Mangudya, however later said that <a href="https://news.pindula.co.zw/2019/07/26/govt-issues-contradicting-statements-on-austerity-measures/">austerity measures were going to be eased by year-end</a>. Speaking during an interview with the Herald Deputy News Editor Africa Moyo (AM), Gwanyanya said that the government actually extended measures to previously left out sectors of the economy. Below are excerpts from the interview.
<blockquote>AM: Is there enough relief from austerity measures, especially for the ordinary man? 
PG: Whilst as ordinary people we expected some significant relief from austerity measures, the circumstances at the moment dictate otherwise. Treasury has remained hard on its taxation stance with only small adjustments on the 2 percentage intermediate tax. The small adjustment to the minimum amount chargeable from ZWL$10 to ZWL$20 and maximum charge to ZWL$15 000 from ZWL$10 000 ably demonstrate this. In fact, Treasury has actually extended this tax to mobile money transfer through agent lines, ostensibly to deal with parallel market for currencies. However, the doubling of the minimum taxable income to ZWL$700 will provide moderate tax relief to the overburdened working class.
It was imperative that, as the nation austere, Treasury beefs up the social safety nets to cushion the vulnerable members of society and help them withstand economic hardships therefrom.</blockquote>
More: <a href="https://www.herald.co.zw/mthuli-mangudya-should-contend-with-being-unpopular/" rel="noopener noreferrer" target="_blank">The Herald</a>

Govt Has Actually Increased Austerity Measures - Chartered Banker

The Reserve Bank of Zimbabwe has reported that annual broad money supply growth increased from $7,54 billion to $9,85 billion in January. The broad money supply is made up mainly of commercial bank deposits.
In its Economic Review, the Reserve Bank of Zimbabwe (RBZ) attributed the annual growth in money supply, largely, to expansions in demand deposits, currency in circulation and time deposits.
An unnamed top banker who spoke to the NewsDay believes that the exchange rate was fueling the inflation rate. The banker said:
<blockquote>I think in this case, what is driving the inflation rate more is the exchange rate rather than money supply. However, over time, one would want to say if you arrest the growth in money supply, there won’t be much money to chase even in that exchange rate. If you tighten on your money creation, yes, you should see inflation responding, but in our case, it’s because of the high exchange rate pass through effects to prices.</blockquote>
Persistence Gwanyanya, a financial expert said that based on the reduction of the month-on-month growth, it was still too early to establish whether the government’s strategy of controlling money supply was working.
<h3>Related:</h3>
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<li class="entry-title"><a href="https://news.pindula.co.zw/2018/10/28/money-on-black-market-not-coming-directly-from-banks-rbz-not-only-source-of-freshly-minted-notes-deputy-governor/" rel="bookmark">Money On Black Market Not Coming Directly From Banks, RBZ Not Only Source Of Freshly Minted Notes – Deputy Governor</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2018/10/26/let-those-with-their-own-money-import-mangudya/" rel="bookmark">Let Those With Their Own Money Import – Mangudya</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2018/10/01/bond-notes-not-the-problem-issue-is-too-much-money-chasing-to-little-forex-mangudya/" rel="bookmark">Bond Notes Not The Problem, Issue Is Too Much Money Chasing Too Little Forex: Mangudya</a></li>
</ul>
More: <a href="https://www.newsday.co.zw/2019/05/broad-money-supply-jumps-3064/" rel="noopener noreferrer" target="_blank">NewsDay </a>

Broad Money Supply Growth Goes Up By 30%

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