{"id":64351,"date":"2022-08-13T13:04:20","date_gmt":"2022-08-13T11:04:20","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate"},"modified":"2022-08-13T15:09:52","modified_gmt":"2022-08-13T13:09:52","slug":"rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate","title":{"rendered":"RBZ Says Govt Suppliers Fuel Depreciation Of The Parallel Market Exchange Rate"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Reserve Bank of Zimbabwe (RBZ) has said government suppliers are major contributors to the depreciation of the parallel market exchange rate.<\/p>\n

This was said by RBZ governor John Mangudya in the Mid-term Monetary Policy Statement presented on Thursday 11 August 2022.<\/p>\n

Mangudya\u2019s remarks come after The Herald\u2019s columnist, Jamwanda, believed to be president Emmerson Mnangagwa\u2019s spokesperson, George Charamba had claimed that the government has been stoking money supply.<\/p>\n

A higher supply of money has the potential to further weaken the value of the already depreciating Zimbabwe dollar.<\/p>\n

In the Mid-term Monetary Policy Statement (MPS) seen by Pindula News, Mangudya also claimed that the RBZ\u2019s Financial Intelligence Unit (FIU) had discovered significant abuse of loan facilities by borrowers.<\/p>\n

This, according to the FIU, was being done through arbitrage, multi-dipping, borrowing on behalf of third parties and diversion of foreign exchange obtained through the foreign exchange auction system to parallel market activities.<\/p>\n

Mangudya reported that 15 entities were exposed as abusers of bank credit and they were subsequently penalised. Further reads the MPS:<\/p>\n

The investigations further revealed that suppliers of goods and services to Government were also a major contributor to the depreciation of the exchange rate on the parallel market as they were using forward foreign exchange rates in the pricing of their goods and services even after being paid by Government in advance. The continued monitoring, tightening of regulations and imposition of punitive measures against offenders by the FIU is expected to go a long way in reducing speculative behaviour in the economy.<\/p>\n

To support an efficient market for foreign exchange, the Bank has moved to eliminate the gap between the auction and the willing-buyer willing-seller exchange rates. It is the Bank\u2019s view that the willing-buyer willing-seller exchange rate is a good indicator of the foreign exchange rate in the economy.<\/p>\n

The central bank\u2019s chief said parallel market exchange rates are to a large extent influenced by speculative sentiments and forward pricing behaviour, especially, \u201cby providers of goods and services to the Government.\u201d<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Reserve Bank of Zimbabwe (RBZ) has said government suppliers are major contributors to the depreciation of the parallel market exchange rate. This was said by RBZ governor John Mangudya in the Mid-term Monetary Policy Statement presented on Thursday 11 August 2022. Mangudya\u2019s remarks come after The Herald\u2019s columnist, Jamwanda, believed to […]<\/p>\n","protected":false},"author":84,"featured_media":64350,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35,15],"tags":[1493,2189,11306,11305,2062,11304,10432,19],"class_list":{"0":"post-64351","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"category-twitter","11":"tag-africa-press","12":"tag-africa-press-zimbabwe-2","13":"tag-forex-exchange-rate","14":"tag-government-suppliers","15":"tag-john-mangudya","16":"tag-parallel-market-exchange-rates","17":"tag-rbz-foreign-currency-auction-system","18":"tag-zimbabwe"},"yoast_head":"\nRBZ Says Govt Suppliers Fuel Depreciation Of The Parallel Market Exchange Rate - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of Zimbabwe (RBZ) has said government suppliers are major contributors to the depreciation of the paral ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Says Govt Suppliers Fuel Depreciation Of The Parallel Market Exchange Rate\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Zimbabwe (RBZ) has said government suppliers are major contributors to the depreciation of the paral ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-13T11:04:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-13T13:09:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2022\/08\/postQueueImg_5-62f7a2838ce0c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"405\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-says-govt-suppliers-fuel-depreciation-of-the-parallel-market-exchange-rate\",\"name\":\"RBZ Says Govt Suppliers Fuel Depreciation Of The Parallel Market Exchange Rate - 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