Zimbabwe sold up to $20 million to banks for trade on new forex platform – sources

February 27, 2019
| Report Focus News

Zimbabwe’s central bank has sold up to $20 million to banks for trading on the newly launched forex interbank market, but the money could be exhausted by the end of next week due to high demand for dollars, banking sources said on Wednesday.

The central bank sold what it called “seed” U.S. dollars to a handful of banks on Friday, but Reserve Bank of Zimbabwe (RBZ) governor John Mangudya and Finance Minister Mthuli Ncube have refused to say the amount.

“They sold between $15 and $20 million to the banks,” said one executive whose bank bought dollars from the RBZ.