Black Market Rate Pushes Mangudya To A Panic.
19 May 2019
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John Mangudya

Own Correspondent|In a move induced by the spiralling black market rate of the United States Dollar, the Reserve Bank of Zimbabwe has announced that it will be drawing US$500 million on Monday to supply the interbank forex market.

The interbank market has for the past few weeks not been all that active as firms found it difficult to access hard cash from the banks.

The move has had negative implications on the ability of several firms to stabilise prices on the back of soaring parallel market rates.

RBZ Governor, Dr John Mangudya revealed in an official Twitter statement on Saturday that US$ 500 million forex package for the interbank will be availed on Monday.

According to the central bank, commodities such as gold, platinum, chrome, diamonds and nickel account for more than 60 percent of foreign exchange inflows against an excess demand of forex by industries and firms.