The Reserve Bank of Zimbabwe’s Monetary Policy Committee which met yesterday said interbank trading limits will be increased from US$100 000 to US$500 000.
The auction will have a maximum of USD$5 million a week and will cater for clients with a minimum bid of US$1 500 and a maximum of US$50 000.
The liberalisation of the forex market is likely to stabilise the local currency and increase the appetite for the Zimbabwe dollar which will be used to pay taxes and services from the government.
The Zimbabwe dollar has been on a free-fall over the past three months with industry calling on the government to let market forces determine the exchange rate.
The liberalisation is also likely to kill the black market as companies can now freely sell their foreign currency at market rates.
(182 VIEWS)
This post was last modified on %s = human-readable time difference 1:00 pm
Page: 1 2
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…
