Zimbabwe says it has enough foreign currency to meet all bank customer needs


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The Reserve Bank of Zimbabwe today said the country has enough foreign currency to meet all the needs of the banks’ customers.

It said so in response to reports in the social media that two banks, FBC Bank and BancABC, were deactivating international debit and credit cards.

Both banks have denied issuing such statements describing the reports as fake news.

The central bank said the foreign currency liquidity position was 60% in both cash and balances at corresponding banks.

Zimbabwe is currently experiencing a run on its local currency which is now officially trading at $5 086.33 to the United States dollar down from $2 611.1 at the beginning of this month.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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