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Market-determined Exchange Rate Came Too Late - Prof Mugano

1 year agoThu, 08 Jun 2023 07:15:06 GMT
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Market-determined Exchange Rate Came Too Late - Prof Mugano

Economist Professor Gift Mugano says the measures announced by the Reserve Bank of Zimbabwe (RBZ) on 06 June to address the recent volatility in the exchange rate and prices of goods and services in the economy are commendable but came too late.

In a statement issued on Tuesday, RBZ Governor John Mangudya said with effect from 7 June 2023, the RBZ “shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall, in turn, sell the foreign currency to their customers.”

Following the announcement, the Zimbabwean Dollar further lost its value against the US Dollar, from ZWL$3 673 on Tuesday to ZWL$4 868 on Wednesday.

Mugano said the new measures should have been introduced in February 2019 when the interbank was introduced. He said:

We are now implementing the right policies too late. We should have done this on 20 February 2019 when the interbank was introduced. This is too late!

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At this rate, wages, pensions, the national budget and capital will be wiped out. Prices will hit the roof. It’s getting worse!

Without any doubt, Treasury has to: urgently revisit the national budget, make an urgent upward review of salaries and pensions, and review the budget for contractors

As these reviews will be done, more liquidity will be poured into the market – adding paraffin on [the fire].

On Wednesday, 07 June 2023, the RBZ conducted the first Wholesale Foreign Exchange Auction.

19 bids were received from banks, with a total of US$11 180 000 allotted to 10 bids.

The highest bid rate received was 5,020.0000 while the lowest bid rate allowed was 4,500.0000.

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17 Comments

sikie · 1 year ago
patriot do not mislead people the official rate is the dutch system auction rate which is the rate in which banks use buy rtgs from the public bank rate is used by banks to sell forex to the public let me be practical like jesus Christ who did only teach in parable but was practical if you have a nostro account convert USD to rtgs now you will receive auction rate of 1:3673 if the bank sells Usd to you they will charge a market rate of 1:4868 sometimes called floating rate.The people will say why using floating rate 2 month into the election prices Will shoot up rtgs workers will ask for usd salary Mari chaiyochaiyo
Anonymous · 1 year ago
Exactly ......
Wapache · 1 year ago
Is this safe
Inflated dunderheads · 1 year ago
Hahaha watch what is going to happen. 😂. Well made plans don't always go the way you want it to.
Patriot · 1 year ago
the official bank rate is now 4688
maBhoo bambo · 1 year ago
So what is the official bank Rate
Pete · 1 year ago
So you can choose ....3600 ,.......4600 ..... or 9000 ... that's today ... then tomoro another story .... that's why it's Dutch ..... 🤣🤣🤣🤣
Patriot · 1 year ago
Black market rate iyoyo ika adoptwa mu formal banking system zvitori bhoo coz tinenge tava ne rate 1 munyika plus Zim dolar rinoenda pa demand kana ma gvt agencies ese achiita ma transactions awo ne local currency coz anyone asingabate rtgs is forced to look for it kuma banks nema bereau de change since official ne black market rate zvinenge zvafanana.
Patriot · 1 year ago
This will help to curb the parallel market rate by economic sabouters.
Anonymous · 1 year ago
So now are there two auctions per week ???? 🤣🤣
Miss Jessica · 1 year ago
@Anonymous listen here ****. The wholesale auction is for banks buying from the RBZ and the weekly Dutch System auction determines the official rate and the wholesale one determines the INTERBANK rate
Anonymous · 1 year ago
Oh really ..... Dutch .... ???? 🤣🤣🤣🤣🤣🤣🤣🤣🤣 so glad you are so knowledgeable .... 😏😏😏
Tateguru · 1 year ago
It has been too late but still it is better too late than never
Zai re Gondo · 1 year ago
Zvo shanda here izvi
God Knows · 1 year ago
Hazvishande, ndosaka waona rakwira rate, it simply means we are now using black market rate!
Putin 🇷🇺🇷🇺🇷🇺🐊🐊🐊 · 1 year ago
Will wither the storm, better be late than never

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