Anita's Natural Hair Care

Anita's Natural Hair Care

Products and Services for natural hair. Henna, Indigo, Hair Growth Oil, Antibreakage Treatments, Dandruff Treatments, Deep Moisture Treatments.

Open
HomeGeneral

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

6 months agoTue, 03 Sep 2024 08:26:40 GMT
Share on FacebookShare on TwitterShare on LinkedIn
RBZ Injects US$190 Million Into Forex Market To Meet Demand

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:

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.

Click here: Pindula WhatsApp Channel
wa.me/channel/0029Vb4GVea90x2nCSDImS1b

 

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, ZimPriceCheck.com, 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: Pindula News

Tags

8 Comments

Corruptmore Looto · 6 months ago
They should say that is for the formal economy, for the informal economy the US is still in the 90th percentile of usage and we all know the Zimbabwean informal economy is very large
XXX · 6 months ago
kunyepa uko ,muriwo kana madomasi i USA hapana zig haitaurwi nezvayo isu hatina zig ,ma ****s ekumunda ose ma USA no zig
XXX · 6 months ago
kunyepa uko ,muriwo kana madomasi i USA hapana zig haitaurwi nezvayo isu hatina zig ,ma ****s ekumunda ose ma USA no zig
XXX · 6 months ago
kunyepa uko ,muriwo kana madomasi i USA hapana zig haitaurwi nezvayo isu hatina zig ,ma ****s ekumunda ose ma USA no zig
Chibaba · 6 months ago
Zigzag currency zigzag economy
· 6 months ago
Gwanyanya, kunyepa kwako kwanyanya. 60% of transactions in Yuwesi? Ini ndoziva 90% Gonyepai muchisiya zvemangwana
., · 6 months ago
haa kablaz ikako vanofanirwa kuko kati ka spokesperson, coz pe lies apo ,he knows how to do it
Bankers Association · 6 months ago
Which Market? Maybe Mutapa or Kuvimba mining

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback