Zimbabwe to soon launch new inter-bank Forex market.
On the 20th February, 2019, John Mangudya Zimbabwe’s Central Bank Governor, said the establishment of a new inter-bank Forex market is in the process. He also said; the new Forex market will help remove the fixed exchange rate between the US dollar and its highly liquidable currency.
The Central Bank Governor also said; the inter-bank Forex market will be of help to the Southern African to restore price stability.
“In other words, the price in Zimbabwe will remain at their current level, it will neither go up or down and there will be no significant degree of inflation or deflation”
Mangudya told the press in Harare, “The bank is in the process of establishing an immediate inter-bank Foreign exchange market in Zimbabwe to formalize RBTR balances (real-time gross settlement) and bond notes with US dollars and other currencies on the basis of over-the-counter transactions through banks and exchange offices”.
Following the report in 2009; Zimbabwe neglected its Zimbabwean dollar to start using the US dollar. This was because the Zimbabwean dollar became totally devalued due to hyperinflation.