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Central Bank Injects US$64 Million Into Forex Market

6 months agoThu, 19 Sep 2024 15:11:30 GMT
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Central Bank Injects US$64 Million Into Forex Market

The Reserve Bank of Zimbabwe (RBZ) has announced a significant injection of foreign currency into the market to meet demand and consolidate the stability of the Zimbabwean Gold (ZiG) currency.

Central Bank Governor John Mushayavanhu said on Thursday, September 19, that the RBZ has cumulatively injected a total of US$64 million into the foreign currency market.

This intervention was necessitated by a buildup of foreign currency demand in the pipeline at banks over the past few weeks.

Mushayavanhu explained that the RBZ’s actions are consistent with its policy stance of ensuring that all legitimate foreign currency applications are honoured, as well as its role as an active participant in the foreign exchange market.

Furthermore, the Reserve Bank Governor assured the public that the central bank will continue to facilitate the seamless settlement of foreign payments in the interbank foreign exchange market. Reads the statement:

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RESERVE BANK OF ZIMBABWE’S PARTICIPATION IN THE FOREIGN EXCHANGE MARKET TO CONSOLIDATE ZiG STABILITY

Over the past weeks, the Reserve Bank witnessed a build-up in pipeline demand for foreign currency at banks, reflecting transitory foreign currency supply and demand mismatches, thus, exerting undue pressure on the foreign exchange market.

This is, notwithstanding, the significant injection of US$50 million by the Reserve Bank in July 2024 to clear the pipeline demand for foreign currency at banks.

Pursuant to smoothening the supply/demand mismatches in August/September 2024, the Reserve Bank has during the first two weeks of September 2024, injected US$24 million into the interbank foreign exchange market.

Furthermore, guided by the obtaining pipeline demand at banks as at 18 September 2024, the Reserve Bank has, as of today (19 September 2024) sold into the interbank market an additional US$40 million.

This has resulted in a cumulative foreign currency injection totalling US$64 million for the month of September 2024 alone.

The Reserve Bank’s intervention is consistent with its policy stance of ensuring that all bona-fide foreign currency applications are honoured and with its role as a participant in the foreign exchange market.

The Reserve Bank is, therefore, pleased to advise that it will continue to ensure that there is seamless settlement of foreign payments in the interbank foreign exchange market.

The Reserve Bank is also pleased to advise that foreign currency receipts increased by 13.4% in the first eight months of 2024, compared to the same period in 2023.

The increase in foreign currency receipts will ensure continued timely settlement of foreign payments from importers’ foreign currency accounts (FCAs) and the Reserve Bank’s weekly foreign currency injections from the export surrender receipts.

In addition, the favourable performance in foreign currency receipts will continue to sustain economic activity.

Importantly, the cumulative foreign currency injection of US$64 million by the Reserve Bank in the month of September 2024 will effectively mop-up significant liquidity in the market, thus, further consolidating the stability of ZiG.

Against this background, the Reserve Bank calls upon economic agents to comply with the stipulated foreign exchange framework in the pricing of goods and services.

The Reserve Bank will continue to entrench the stability of ZiG and ensure the smooth settlement of foreign exchange transactions through the interbank foreign exchange market.

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30 Comments

Xx · 6 months ago
Iye akagariswa pa Benji neumwe wake tomudii ku RBZ.
Anonymous · 6 months ago
Sharing information on a country's foreign currency reserves and import cover can promote transparency, stability, and understanding of the economic situation. Here's why: Benefits: 1. Informed decision-making: Investors, businesses, and individuals can make informed decisions with accurate data. 2. Reduced speculation: Transparency reduces rumors and speculation, promoting stability. 3. Economic planning: Governments and businesses can plan better with clear data on foreign reserves. 4. Investor confidence: Regular updates on reserves can boost investor confidence. 5. Public awareness: Citizens understand the economic context, fostering a more informed public discourse. Key metrics to share: 1. Total foreign currency reserves 2. Import cover (number of days) 3. Reserve composition (e.g., USD, EUR, other currencies) 4. Monthly/quarterly changes in reserves Potential channels for dissemination: 1. Central bank website 2. Regular press releases 3. Economic newsletters 4. Social media updates 5. Public briefings By sharing foreign currency reserves and import cover information, governments can: 1. Demonstrate economic stability 2. Build trust with stakeholders 3. Encourage informed economic discussions 4. Support data-driven decision-making
Anonymous · 6 months ago
More transparency can definitely help create more confidence , stability and reduce speculation.
F o o l news · 6 months ago
Nhema dzega
**** news · 6 months ago
Kutamba
****ing news · 6 months ago
Fake news circulating where did the rbz got that money? May be from sadc then I may agree, from selling of the hyena, goat scheme, mining boterekwa hills, nassa scandals wadyejena and Companies. ZIG is the major regional currency why lying of foreign currency, why do you ask gidiongono to look for lasting monetary policies now????
Cde · 6 months ago
And 1,6 was given to Sengezo Tshabangu a token of appreciation for destroying the original CCC. the rest will go to Chivhayo
Anonymous · 6 months ago
Zimbabwe does need more imaginary solar plants.
wischigonero · 6 months ago
thax nemaresults chifather
Tkt · 6 months ago
ini chondi shamisa kuti why kuchi ita build up kuma banks for Forex when almost every business gets over 70% of their forex requirements kuma deals avo kwacho
good night · 6 months ago
kogonoazobatwa here ini handichaziva chokwadi
Hwesa · 6 months ago
John Mushayazano futi ka!!!
ClD Admire kuyeri · 6 months ago
💰
Zimpovho · 6 months ago
Today is not April ****s day☹️
Zimp · 6 months ago
F O O L S
Zimp · 6 months ago
F O O L S Day
🇿🇼APPAH AGLM🇿🇼 · 6 months ago
vanowanei pakuku nyepera iwewe tserenga hayo
... · 6 months ago
Iwe watodyira
🇿🇼APPAH AGLM🇿🇼 · 6 months ago
👏👏👏🤝
unknown · 6 months ago
They should all just swallow their pride and make Tendai Biti the RBZ governor. People trust his financial knowledge.
1
🇿🇼APPAH AGLM🇿🇼 · 6 months ago
Tanyanyodei pana Biti tsvagai vamwe
🚮Jabu · 6 months ago
unknown@ 🚮 Washaya
lentos · 6 months ago
Well does that stabilize the parallel market or is it just adding more fuel to the fire
Anonymous · 6 months ago
It is patting you on the back, while setting the money in your pocket on fire.

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