RBZ clarifies use of USD
Golden Sibanda
RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has explained the use of US dollars in the country, including value and legal status of the virtual form of the greenback.
This comes as the central bank has engaged banking institutions to ensure there are no gridlocks in the settlement and clearing of all foreign currency transactions in the country.
Dr Mangudya told delegates at the Zimbabwe National Chamber of Commerce (ZNCC) conference last week that the apex bank and the Bankers Association of Zimbabwe (BAZ) were seized with the matter.
Zimbabwe adopted a US dollar dominated multicurrency regime in February 2009 to ensure stability when hyperinflation ravaged the local currency, rendering it worthless after inflation peaked at 231 million in July 2008.
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Exports, forex reserves impressive: RBZ
Senior Business Reporter
THE exponential rise in foreign currency account (FCA) holdings to US$1,1 billion and strong export performance this year are evidence that the economy is now on sound footing for sustained recovery and growth.
This was said by Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya in an interview yesterday, pointing out that forex receipts went up by 18,2 percent to US$5,8 billion in the 12 months to November 2020.
Dr Mangudya attributed the significant growth in foreign currency nostro balances to improvement in exports, increase in Diaspora inflows and a better business operating environment.
At Chinyika Business Centre in Gutu North, dealers are buying US$1 for 20 Bond.
There is a call for the Reserve Bank to urgently intervene.
Torn notes
Albert Marombe takes a grimy, tattered $1 note and expertly glues it back into one piece, holding it up for inspection.
“I don’t care how torn it is. All I want to see is the serial number being visible on both sides,” said Marombe. He will sell that shabby $1 note for 80 cents and it will get back into circulation. Many shops will reject it but market traders will take it, although at a reduced value.