Zimbabwe Central Bank quashes rumour of floating exchange rate

Harare (picture: Larry Moyo)
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The Reserve Bank of Zimbabwe (RBZ) has advised the public to disregard social media rumours suggesting that the Bank has devalued the local currency.

In a statement this evening, RBZ Governor Dr John Mangudya described the rumours as false and mischievous.

“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,” he said.

The RBZ added that 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 eciency of this foreign exchange trading system.”