RBZ distances itself from parallel exchange market

RBZ Governor John Mangudya

HARARE – The embattled governor of the Reserve Bank of Zimbabwe Dr John Mangudya has refuted accusations that the central bank is at the center of fueling parallel market trading in the form of United States dollars, bond notes, RTGs and other electronic transfers.

This follows incessant accusations that the central bank is actively being involved in the black market to source hard cash required to sustain key economic requirements such as fuel, wheat, electricity, soybean, and machinery imports among others.

The name dropping of the central bank as being allegedly the lead element in the black market is also being understood to be linked to crispy or new notes within the parallel market.

Responding to questions after the presentation of the monetary policy statement this week, the central bank governor Dr John Mangudya vehemently denied the accusations.

“We are not doing that if anyone has any information let them tell me then we can see what we can do over that,” he said.

When people are not in the full knowledge and lack adequate information, speculation becomes the order of the day to such extent that it is only the dealers or money changers who can have the idea about the sources of their funds.