Trusted Zimbabwean News Worldwide
CHICAGO (AP) — R. Kelly, the R&B star who has been trailed for decades by lurid rumors that made him Public Enemy No. 1 to the #MeToo movement, was charged Friday with 10 counts of […]
CHICAGO (AP) — Actor Jussie Smollett’s character on “Empire” will be removed from the final two episodes of this season in the wake of his arrest on charges that he staged a racist, anti-gay attack […]
LOS ANGELES (AP) — The estate of Michael Jackson on Thursday sued HBO over a documentary about two men who accuse the late pop superstar of molesting them when they were boys, saying the film […]
NEW YORK (AP) — Two women said Thursday that singer R. Kelly picked them out of a crowd at a Baltimore after-party in the mid-1990s when they were underage and had sex with one of […]
Source: JUST IN: Banks begin forex trading…starting rate set at 2,5 | The Herald 22 FEB, 2019 Tawanda Musarurwa HARARE – Local banks have begun trading in forex following the decision by the Reserve Bank of Zimbabwe (RBZ) to float the United States dollar on Wednesday. Announcing the Monetary Policy statement, RBZ governor Dr John […]
The post JUST IN: Banks begin forex trading…starting rate set at 2,5 appeared first on Zimbabwe Situation.
Source: JUST IN: Banks begin forex trading…starting rate set at 2,5 | The Herald 22 FEB, 2019
Tawanda Musarurwa
HARARE – Local banks have begun trading in forex following the decision by the Reserve Bank of Zimbabwe (RBZ) to float the United States dollar on Wednesday.Announcing the Monetary Policy statement, RBZ governor Dr John Mangudya announced the introduction of an inter-bank foreign exchange market.
And this morning, the governor said the central bank had met with banks and agreed to start at a rate of 2,5, which is lower than the prevailing rate of 4 on the parallel illegal market.
“We came to a conclusion with the bankers last night at 2,5, and we hope thereafter that the rate will continue to find itself,” said the RBZ governor.
Prior to the floating of the US dollar, the RBZ had pegged RTGS balances at 1:1 to the US dollar, however shortages had resulted in high premiums for US dollars on the parallel market.
The inter-bank market will work via banks and bureaux de change on a willing-buyer, willing-seller basis.
According to the RBZ, the formalisation of foreign currency trading will entail denominating the existing RTGS balances, bond notes and coins in circulation as RTGS dollars to establish an exchange between current monetary balances and foreign currency.-BH24
The post JUST IN: Banks begin forex trading…starting rate set at 2,5 appeared first on Zimbabwe Situation.
