Home Zimbabwe News Mangudya to release US$500m for interbank forex

Mangudya to release US$500m for interbank forex

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The Reserve Bank of Zimbabwe has confirmed that it will be drawing US$500 million on Monday to supply the interbank forex market.

The interbank market has for the past few weeks not been all that active as firms found it difficult to access hard cash from the banks.

The move has had negative implications on the ability of several firms to stabilise prices on the back of soaring parallel market rates.

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However, RBZ Governor, Dr John Mangudya revealed in a statement on Saturday that US$ 500 million forex package for the interbank will be availed on Monday.

John-Mangudya

“Government through the RBZ is drawing down US$500 million on Monday, 20 May 2019, to supply the interbank forex market to meet the forex payment requirements of business and individuals. This amount shall go a long way to stabilise the exchange rates and prices of goods and services in the economy,” said Dr Mangudya.

According to the central bank, commodities such as gold, platinum, chrome, diamonds and nickel account for more than 60 percent of foreign exchange inflows against an excess demand of forex by industries and firms.

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Long-serving Zanu-PF member Didymus Mutasa, who was expelled from the party at the height of factionalism and readmitted in October last year after spending two years in the wilderness is retracing his political footsteps.

Didymus Mutasa
Mutasa was fired on same day as Norton legislator Mr Temba Mliswa, allegedly for undermining the party leadership, then under former president Robert Mugabe in 2015.
Like the biblical story of the “prodigal son,” Zanu-PF readmitted Mutasa together with former chairperson of the Zimbabwe National Liberation War Veterans Association Jabulani Sibanda and Chenjerai Kangausaru. After spending some years in the cold, Mutasa was appointed advisor at the Chitepo School of Ideology…Read more here

Source: Bulawayonews

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