RBZ has some trick up its sleeves to try to stabilize the value of the Zim Dollar. Here are the measures:
Further to the Statutory Instrument 142 of 2019 issued by the Hon Minister of Finance and Economic Development, Prof Mthuli Ncube, on the removal of the multi-currency system in Zimbabwe and replacing it with a local unit of account (RTGS$/ZWL$) for transacting purposes, the Reserve Bank of Zimbabwe wishes to announce that it will implement the following support measures to buttress and strengthen the local unit of account:
a) Direct banks to transfer to the Reserve Bank the RTGS$/ZWL$s that they are holding as counterpart funds for the foreign currency historical or legacy debt that Government, through the Reserve Bank, is assuming at the rate of 1: 1 between the RTGS$ and the US$. This measure is expected to mop around ZLW$1.2 billion from the market by the end of this week.
b) Adjust the interest rate on the Reserve Bank overnight window upwards from the current 15% per annum to 50% per annum in line with in ation trends.
c) Remove administrative limits on the operation of bureaux de change and on the cap on margins for banks for interbank foreign exchange transactions.
d) Put a vesting period of 90 days on disposal of dual listed securities or shares purchased by investors on the Zimbabwe Stock Exchange.
e) Increase supply of foreign currency into interbank foreign market by ensuring that at least 50% of the surrender portion of foreign currency is sold to the interbank market. This will be supplemented by the use of Letters of Credit (LCs) for the importation of essential commodities that include fuel, cooking oil, and wheat. The Bank has put in place LCs amounting to US$330 million for this purpose.
N.B Did you know you can easily keep up with the rapidly changing exchange rates on WhatsApp? You just send the word Rate to the Techzim Market number: 0719696102. Or use this shortcut link: http://wa.me/263719696102?text=Rate
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20 comments
Can someone say this in plain English…especially also say what is the project impact of this..
You can say that again
Will it work?
No. It will not work!!
The English is just hard. The government needs to come up with more concrete measures to save this beloved country.
Say it again sir.Its about us who support the idea and decision made by our leaders.Subbotage does not work.
It will be business as usual for money changers, so long as Zim industry remains dead. The apex bank is taking notes from JC pupils’ assignments and pasting them into their policies.
tht dsnt change anythng bt t wll wosen da seatuation hungry nd poverty in di counrty.good frm sa thy nid rands frm ozambique thy nid us frm zambia thy nid us vanga vambozvizivawo here .apa mari ma 5bond anenge ari 10 wth 1serial number guys nw tavasungwa mange
With such english, the situation cant get worse.
English anokupei ??
tht dsnt change anythng bt t wll wosen da seatuation hungry nd poverty in di counrty.good frm sa thy nid rands frm ozambique thy nid us frm zambia thy nid us vanga vambozvizivawo here .apa mari ma 5bond anenge ari 10 wth 1serial number guys nw tavasungwa mange
What a tiresome country they are not helping anyone. They really need help on how to run a country it’s getting ridiculous.
Can you suggest how a country should be run?
Production, production and production for exports that’s what brings enough forex to stabilize your currency. Are we producing enough? That’s the question.
Iwe that means bringing Murungus back an we dont want that
oh shem….that is why ur country is a banana republic u jungle bunnie
What is the solution then if all that has been presented does not work. Let us bring forth those ideas and workable solutions. Nationals that profer solutions are greater than those that sit back watch and criticise. To the RBZ please work on these plans through out to ensure results.
Here’s a solution hour about we get this billions these people have externalised… How about we do audits on their assets and good they were acquired… We can use the loot if ZANU to stabilise our own currency… Can we follow this through… Can we also have political reforms…
You need to explain this In a way that an 8 year old can understand.
Use forex to import cooking oil yet we got land. Why not support soya bean farmers by giving them loans, farming implements and also funding new oil pressers to increase competition to kill monopolies in the industry thereby creating jobs and saving forex. TIPEI NYANGA ISU MAYOUTH NDOCHIGADZIRA CHINHU ICHI!!
This is really bad for civil servants is this normal u enter a shop u see a double mafuta blanket costing $520 bond ini ndichitambira $680bond and potse potse payslip ine medical aid and funeral policy ndoshandira gumbeze rimwe here pa mwedzi