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Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has said that Zimbabwe’s foreign currency reserves have risen to over US$500 million, roughly three times the total amount of Zimbabwe Gold (ZiG) in circulation.
Since the September devaluation, the ZiG has gained ground against the US dollar, appreciating from US$1:ZiG27,4 at the end of October to US$1:ZiG25,6 by Friday.
In an interview with <a href="https://www.sundaymail.co.zw/foreign-currency-reserves-rise-to-us500m">The Sunday Mail</a>, Mushayavanhu attributed the strengthening of the ZiG to a range of measures, including the central bank’s decision to raise its benchmark interest rate from 20% to 35% in September.
This was done to curb inflationary pressures and tighten liquidity in the market.
Furthermore, the RBZ introduced changes to the statutory reserve requirements, setting them at 30% for both demand and call deposits in local and foreign currencies. For savings and time deposits, the reserve requirement was set at 15%. Said Mushayavanhu:
<blockquote>
The combined effect of these measures has significantly reduced ZiG liquidity in the market.
The exchange rate has also strengthened, benefitting from increased foreign currency receipts.
</blockquote>
Zimbabwe’s foreign currency receipts increased by 18% during the nine months leading up to September, compared to the same period the previous year. Added Mushayavanhu:
<blockquote>
The ZiG:US dollar exchange rate has, therefore, been appreciating under the willing-buyer, willing-seller arrangement, in line with market fundamentals, reflecting the supply and demand dynamics of foreign currency on the interbank market.
The tight ZiG liquidity conditions amid a tight monetary policy stance in the market have seen increased willingness by economic agents to liquidate their foreign currency positions, thereby creating demand for ZiG.
These conditions have largely contributed to the appreciation of the currency.
Currently, the total reserve money in local currency as of November 6, 2024 is about ZiG3,4 billion, which is about US$129 million, against foreign currency reserves of US$509 million.
The Reserve Bank’s total foreign currency reserve holdings of more than US$500 million as at November 1, 2024 are also more than the total bank deposits in the domestic currency of about ZiG12 billion — giving an implied exchange rate of around US$1:ZiG24.
The Reserve Bank has, therefore, since April 5, 2024, consistently held more than sufficient reserves to back the ZiG currency to ensure its stability.
</blockquote>
Mushayavanhu said the Reserve Bank will continue to intervene in the foreign exchange market by utilising 50% of the 25% export surrender requirements.
This intervention aims to support smooth market operations, meet legitimate foreign payment demands, and strengthen reserve holdings to maintain the stability of the Zimbabwe Gold (ZiG). Said Mushayavanhu:
<blockquote>
The full backing of the local currency reserve money ensures that at each point the Reserve Bank has adequate foreign currency reserves to intervene in the market and ensure the stability of the local currency.
Currently, the Reserve Bank reserves have topped US$500 million, which implies more than three times the cover of reserve money.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe has a lot of foreign currency saved, more than US$500 million. This is three times the amount of their local currency, Zimbabwe Gold (ZiG), in circulation. The value of ZiG compared to the US dollar has gone up recently. The Reserve Bank of Zimbabwe made some changes to help make the ZiG stronger and more stable. They also have enough reserves to support their currency. This is good for the country's economy and helps keep everything in balance. It's important to have enough foreign currency saved to keep the local currency strong and stable.

Forex Reserves Hit US$500 Million, Three Times The ZiG In Circulation, Says RBZ

The Reserve Bank of Zimbabwe (RBZ) on Friday, 01 November, reviewed upward transactional limits for payments made via mobile money and electronic funds transfer platforms.
In a statement, the RBZ said the review of transactional limits was in line with the movements in the official rate and meant to support the payment of goods and services in the ZiG. Said the central bank:
<blockquote>
The Reserve Bank of Zimbabwe wishes to advise the public that transactional limits for payments made via mobile money and electronic funds transfer platforms have been reviewed upwards to further support the payment for goods and services in ZiG.
To reflect the movements in the official rate, the transactional limits have been reviewed…
</blockquote>
The RBZ doubled the transaction limit for person-to-person (P2P), person-to-business (P2B), and ZIPIT from ZiG2 400 to ZiG4 800. The monthly limit for all three types of transfers/payments is now capped at ZiG16 000, up from ZiG8 000.
The RBZ also reviewed electronic fund transfer limits. The business-to-business (trade payment batches) limit was set at ZiG560 000, up from ZiG280 000, whereas the transaction limit was set at ZiG48 000, up from ZiG24 000.
For the business-to-person transactions, the batch limit was set at ZiG160 000, up from ZiG80 000, while the transaction limit was raised to ZiG16 000 from ZiG8 000. Added the central bank:
<blockquote>
For the transacting public’s convenience, the bank will continue to monitor transactional limits and review them to promote a cash-lite economy and continued ZiG stability.
</blockquote>
On September 27, the central bank devalued the ZiG by 43%, responding to a significant widening of the gap between official and unofficial exchange rates.
The new rate set the ZiG at 1:23.4 against the US dollar, a decline from the previous rate of 1:14.1.
Since that devaluation, the ZiG has continued to weaken against the US dollar. As of Friday, November 1, the official exchange rate stood at 1:28.68.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe (RBZ) doubled the limits for making electronic money transfers to help pay for goods and services in Zimbabwe. They increased the limits for person-to-person and person-to-business transfers. The RBZ also raised the limits for business-to-business and business-to-person transactions. This is to help with the stability of the Zimbabwean dollar against the US dollar. The RBZ will keep an eye on the limits and change them as needed to promote a cashless economy. The exchange rate for the Zimbabwean dollar to the US dollar has been changing and the RBZ is trying to keep it stable.

RBZ Doubles Limits For Electronic Funds Transfer

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>

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) says it has discovered corporate governance and risk management weaknesses the Zimbabwe Women’s Microfinance Bank Limited after conducting an onsite examination of the financial institution.
Corporate governance weaknesses include issues such as the presence of weak or ineffective internal audits, lack of required skills by managers, lack of proper disclosures, and non-compliance with standards.
In a statement issued on Friday, 6 January, the central bank said the concerned bank’s board and shareholders have since initiated processes and measures to address the deficiencies. Reads the statement:
<blockquote>
Members of the public are advised that the Reserve Bank of Zimbabwe concluded an onsite examination of the Zimbabwe Women’s Microfinance Bank Limited in December 2022, as part of its ongoing supervision activities in terms of Section 36 of the Microfinance Act [Chapter 24:30].
The examination determined corporate governance and risk management weaknesses at the institution.
As part of its supervisory processes, the Reserve Bank has engaged the institution’s board and shareholders who have since initiated processes and measures to address the deficiencies.
The main mandate of Zimbabwe Women’s Microfinance Bank Limited is to facilitate financial inclusion and economic empowerment of women.
The Government of Zimbabwe as a shareholder is committed to the resolution of the identified weaknesses to enable the microfinance bank to continue to perform its mandate.
Through its supervisory processes, the Reserve Bank shall monitor progress on the resolution of the identified weaknesses.
</blockquote>

RBZ Unearths Corporate Governance Issues At Women's Bank

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has advised that all banknotes that have been issued by the central bank remain legal tender, following the rejection of smaller denomination notes by some businesses.
Reports indicate that most transport operators and shops in Bulawayo are now rejecting the ZW$20 notes, while ZW$5 and ZW$10 have since been rejected by the transacting public.
Responding to questions from  Sunday News Business, Mangudya said all the bank notes remain legal tender in the country. He said:
<blockquote>
While we are not privy to that predicament raised, it is important to advise that all the bank notes that we issued remain legal tender which can be deposited at banks and banks can bank the same at the RBZ under the normal banking process.
</blockquote>
Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu urged businesses to accept the $20 banknotes to avoid inconveniencing the public. Mutashu said;
<blockquote>
We encourage businesses to accept all notes including the ZW$20 notes and not inconvenience the transacting public.
Rejection of particular denominations is usually synonymous with high inflation as currency value erodes, unfortunately, it is only in our environment that economic agencies decide to reject notes.
In Malawi, Zambia, South Africa and other jurisdictions, even the smallest of the denominations like coins are accepted at the point of transacting.
</blockquote>

$5, $10, $20 Notes Still Legal Tender - Mangudya

The Reserve Bank of Zimbabwe (RBZ) says it will introduce into the market smaller units of gold coins in mid-November 2022.
In his Mid-Term Monetary Policy Statement released on Thursday, 11 August 2022, central bank governor John Mangudya said the introduction of gold coins in smaller units is in response to public demand. He said:
<blockquote>
Following the successful launch of the gold coins on 25 July 2022 and in response to public demand, the Bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half an ounce for sale with effect from mid-November 2022.
The features, characteristics and the sale terms and conditions shall remain the same as the current trading arrangements of the gold coins in circulation.
</blockquote>
Mangudya reiterated that the foreign exchange auction will remain in place and become the most ideal allocative platform of foreign currency in the domestic economy. He said:
The foreign exchange auction remains a critical platform on which industry and commerce access foreign exchange.
<blockquote>
The auction bids will continue to be guided by the exchange rates obtaining on the willing-buyer willing-seller foreign exchange trading platform and by the available foreign currency.
In this context, the foreign exchange auction system is no longer a price discovery mechanism but instead the most ideal allocative platform of foreign currency in the domestic economy given the geo-political constraints facing the local banking industry to establish an efficient interbank foreign exchange market.
</blockquote>
The central bank chief also reviewed the transaction limit under the willing-buyer willing-seller foreign exchange trading system from US$10 000 to US$20 000 per transaction per week. Said Mangudya:
<blockquote>
The limit for qualifying transactions under the willing-buyer willing-seller foreign exchange trading system has, with effect from 15 August 2022, been increased from US$10 000 to US$20 000 per transaction per week.
Qualifying foreign exchange payments under this mechanism will cater for transactions for goods and services such as raw materials, capital goods, medical expenses, education expenses (including student upkeep), business and holiday travel, airfares and subscriptions.
</blockquote>

RBZ To Release Gold Coins In Smaller Units

The Reserve Bank of Zimbabwe (RBZ) on Friday announced new measures to address mobile banking deficiencies in its Monetary Policy Statement (MPS).
The Central Bank issued a directive to the effect that, with immediate effect, all mobile money operators have to close all multiple wallets and allow just one wallet per individual.
This entails that it is no longer permitted for an individual to have more than one EcoCash account or with other mobile money operators for that matter. The RBZ said:
<blockquote>Following the suspension and freezing of agent and bulk-payer wallets on 27 June 2020, mobile money operators have allowed illegal foreign currency dealers to use multiple individual wallets as a means to bypass the transaction limits and continue with their illicit transactions.</blockquote>
However, the central bank did not explain a few grey areas in implementing its directive. For instance: Will people with multiple mobile wallets from one provider be the only ones affected? If someone has one Telecash, EcoCash and OneMoney wallet are they safe or they too will have those closed?
The directive also did not shed light on what will happen to money in the accounts being closed and in event that an individual has multiple wallets, it’s not clear how mobile money operators determine which account to close.
<h4>More: <a href="https://www.techzim.co.zw/2020/08/rbz-announces-mobile-money-rule-individuals-cant-have-more-than-one-wallet-anymore/" rel="noopener noreferrer" target="_blank">Techzim</a></h4>

Individuals Can’t Have More Than One EcoCash Account Anymore - RBZ

The Reserve Bank of Zimbabwe (RBZ) has set the foreign currency retention threshold for all exporters at 70 per cent with immediate effect.
This was revealed in the Central Bank’s Monetary Policy Statement released earlier on Friday.
Previously retention thresholds for exporters were set at different levels depending on the sectors.
Miners were allowed to keep 70 per cent of their forex earnings while tobacco farmers retained only 50 per cent with the rest disposed of at the ruling exchange rate. The statement read:
<blockquote>Given the positive impact of the auction system in price stability and the need to sustain the auction, all export retention thresholds for all exporters will be at a standard level of 70 per cent with immediate effect</blockquote>
The RBZ has also extended the 30 day liquidation period of unused funds to 60 days from the day of receipt of funds.
In June the Central Bank introduced the foreign currency auction system to replace the interbank market exchange rate system which was introduced in 2019.

Forex Retention Thresholds For All Exporters Now 70 Per Cent

Reserve rose from ZW$14.36 billion on 17 July 2020 to ZW$17.01 billion as at 24 July 2020, the Bank of Zimbabwe (RBZ) has revealed.
The central bank said this was largely on account of increased Government expenditures. The report reads:
<blockquote>Reserve money rose from ZW$14.36 billion on 17 July 2020 to ZW$17.01 billion as at 24 July 2020, largely on account of increased Government expenditures, which saw Government surplus position moving from ZW$8.0 billion to ZW$6.3 billion as at the end of the review period.
Foreign currency purchases from exporters by the Bank also increased reserve money during the week.
During the week under review, required reserves and currency issued also rose. Partially offsetting the increase in reserve money was a decrease of ZW$0.74 billion in other deposits.</blockquote>
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/07/Reserve-Money-Update-24-July-2020.pdf" rel="noopener noreferrer" target="_blank">Follow this link to download the full statement</a>

FULL TEXT: RBZ Releases Reserve Money Update As At 24 July 2020

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