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RBZ dismisses reports it intends to float exchange rate (FULL STATEMENT)

The Reserve Bank of Zimbabwe (RBZ) has issued out a statement dismissing as mischievous the claims doing rounds on social media that it is going to be liberalising the interbank foreign currency exchange rate.

The central bank Governor John Mangudya said such inaccurate statements are only spread by unscrupulous people who ultimately seek to destabilize the country’s foreign exchange markets through manipulation of the exchange rate.

This comes as the local currency has tumbled over the past three days on the black market.

Read the full statement by the central bank below:

PRESS STATEMENT ON THE LIBERALIZATION OF FOREIGN EXCHANGE MARKET

The Bank would like to advise the public to disregard, with the contempt it deserves, the false and mischievous article circulating on social media suggesting that the Bank has devalued the local currency.

The intention of such disinformation is to cause panic and despondency, and ultimately destabilize the country’s foreign exchange markets through manipulation of the exchange rate.

We wish to advise the public that, consistent with the Monetary Policy Committee announcement on 19 November 2019, the Bank is enhancing the Reuters foreign exchange trading system to ensure efficiency and effectiveness in the allocation of foreign exchange to the productive sectors and enhancing price discovery on the interbank market.

Already, engagements have been done with Commercial Banks to ensure smooth implementation of this system.

Currently, Banks are working on a user-test environment to enhance the effciency of this foreign exchange trading system.

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