Categories: Stories

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

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.

(136 VIEWS)

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.

Recent Posts

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024