ZW$ Has Not Been Devalued – RBZ

RBZ has denounced claims circulating on social media suggesting that the central bank has devalued the local currency.

In a Twitter post, the bank has said such disinformation is a tactic to cause panic:

The Bank would like to advise the public to disregard, with the contempt it deserves, the false and mischevious article circulating on social media suggesting that the Bank has devalued the local currency. The intention of such disinformation is to cause panic and despodency and ultimately destablize the country’s foreign exchange market manipulation of exchange rate.

We wish to advise the public that, consistent with the Monetary Policy announcment on 19 November 2019, the Bank is enhancing the Reuters monetary exchange trading system to ensure efficiency and effectiveness in the allocation of foreign exchange to the productive sectors and enhancing price discovery on the interbank market. Already, engagements have been done with Commercial banks to ensure smooth implementation of this system. Banks are working on a user-test environment to enhance the efficiency of this foreign exchange trading system.

John Mangudya

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