On Saturday afternoon, the Reserve Bank of Zimbabwe announced that it is going to inject US $500 Million into the Interbank Forex Market on Monday, 20 May 2019.
The government initially didn’t say where the money had come from. However, following several questions on social media, Finance Minister, Mthuli Ncube intervened and tweeted that the money was sourced from international banks.
Here are some reactions from Zimbabweans on social media:
“Drawing down” from where? Countrymen, we must empty our FCAs. We’ve danced this dance before.– Fadzayi Mahere
If you have the money don’t bother telling us, just put it into the market and the market will respond accordingly. Your major problem is that many don’t trust you and speaking about this makes many even more sceptical. – ZCTU Zimbabwe
The US$500 million new facility raised from international banks will increase the supply of foreign currency for imports, for industry and other sectors. – Mthuli Ncube
Mapedza kutenga mari pablack market ka – Bustop TV
Firstly drawing down from where? Then secondly, this idea of always trying to assist the market is it sustainable. Why cant the market be left to act in a free manner such that we have a true reflection of what is happening. – Dr Redz
If this is fake news (ie, a lie) it will cause more damage in the long run. The RBZ should be trying to build trust by being honest with business and the population. If they are trying to stabilise the forex market through a lie that will be regrettable – Samie
https://twitter.com/bmusonza/status/1129769950934196225