THE Reserve Bank of Zimbabwe\u2019s (RBZ) has reported the interbank foreign currency exchange market has seen US$1,5 billion traded since its introduction last year.<\/p>\n
This came out in a statement by the central bank\u2019s Monetary Policy Committee (MPC).<\/p>\n
There is also growing hope the recent inception of the electronic deal system will improve efficiency within the financial sector.<\/p>\n
Details are contained in a statement outlining the deliberations of the committee in its meeting of January 17 this year.<\/p>\n
\u201cWe noted with satisfaction that as at 31st December 2019, an aggregate amount of US$1.5 billion had been traded on the interbank market.<\/p>\n
\u201cThe MPC agreed that the RBZ should set aside appropriate foreign exchange resources to intervene and stabilise the market,\u201d reads the statement.<\/p>\n
This comes as Zimbabwean firms have raised concern the interbank facility was unable to avail enough foreign currency to meet their needs.<\/p>\n
The situation has forced some business players to hunt for the scarce currency on the parallel market where it is in abundance although coming at a higher premium.<\/p>\n
The committee expressed gratitude on that month-on-month inflation ended the year within close range of the MPC end 2019-year target of 15 percent which in turn led to exchange rate stability.<\/p>\n
Said the MPC, \u201cThe stability of the exchange rate witnessed over the past four months, starting from September 2019, was a result of measures taken in 2019 to manage money supply.\u201d<\/p>\n
The MPC resolved to maintain the Bank Policy Rate on Overnight Accommodation at 35 percent.<\/p>\n
The interest rate on the Medium-term Bank Accommodation (MBA) facility shall continue to reflect the yield on the Treasury Bills auction rate which is currently at between 15 to 18 percent.<\/p>\n
The MPC said an amount of $150 million in direct cash was disbursed in the last quarter of 2019 to give a total of $1.1 billion of notes and coins in circulation in the country as at 31st December 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
THE Reserve Bank of Zimbabwe\u2019s (RBZ) has reported the interbank foreign currency exchange market has seen US$1,5 billion traded since its introduction last year. This came out in a statement by the central bank\u2019s Monetary Policy Committee (MPC). There is also growing hope the recent inception of the electronic deal system will improve efficiency within […]<\/p>\n","protected":false},"author":84,"featured_media":13719,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[713,1276,807],"class_list":{"0":"post-18484","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-interbank","10":"tag-mpc","11":"tag-mthuli-ncube"},"yoast_head":"\n