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Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, has assured Zimbabweans that there is nothing to worry about, despite the value of the Zimbabwean dollar declining once more.
Both the official rate and the street rate have been comparatively stable in August but this week, the local unit fell to ZWL$4 712.16: US$1 from ZWL$4 604.62: US$1 three weeks ago.
<a href="https://businesstimes.co.zw/zim-dollar-implodes-again/">Business Times</a> quoted Mangudya as saying the central bank is in control of the situation. He said:
<blockquote>
There’s nothing to worry about as the exchange rate remains relatively stable. I think Zimbabweans need prayers as they start panicking with something that is within reach. We have tools to ensure there is no excess liquidity in the market.
The central bank remains confident that the continued sale of gold coins and gold-backed digital tokens will sustainably take away steam from the store-of-value demand for local currency during the short to medium term, with positive spinoffs on the substance of obtaining price and exchange rate stability.
Furthermore, the central bank’s strategic resolve for continued monetary prudence will add further impetus to the positive prospects of the local currency over the medium term.
In addition, the ongoing monitoring and surveillance by the Financial Intelligence Unit will effectively minimise incidences of exchange rate manipulation and abnormal pricing practices.
</blockquote>
Meanwhile, Finance and Investment Promotion Minister Mthuli Ncube said that it is baffling that a foreign currency parallel market still exists in Zimbabwe.
Ncube said the parallel market “shouldn’t even exist” as “every piece of policy that is necessary for a stable currency has been put in place”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

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Zimbabwe Dollar Falling Once More, Mangudya Says Nothing To Worry About

Finance and Investment Promotion Minister Mthuli Ncube has said it is baffling that a foreign currency parallel market still exists in Zimbabwe.
The official rate is ZWL$4 712 per US$1 but on the streets, the greenback exchanges hands at above ZWL$7 000.
Most goods and services, including diesel, petrol and liquified petroleum gas, are sold exclusively in foreign currency and this has driven the appetite for the elusive greenback resulting in a thriving parallel market.
But speaking to State media, Ncube, who was reappointed Treasury boss by President Emmerson Mnangagwa despite losing in Cowdray Park, said the country has strong economic fundamentals that discourage the existence of a parallel market. He said:
<blockquote>
The existence of the parallel market in Zimbabwe is baffling. Our fundamentals are strong, we have a current account surplus, and we have had that for the last five years.
I don’t remember that happening in Zimbabwe since 1980 and most countries will kill for that. Right now we are on a strong growth trajectory.
We grew at 8.5% in 2021, and 6.5% in 2022, and again we are due to see growth in GDP growth of close to 6% in 2023 and the story continues.
We have seen a balanced budget when other countries have been reeling in deficits, we have seen a balanced budget in Zimbabwe since basically 2019, the last five years. That is what we have done.
We have seen a tight monetary policy, and positive interest rates from the central bank, so all the fundamentals are in place making sure our currency is stable and strong.
We are dealing with liquidity as we should. The central bank is using non-negotiable certificates of deposit with the right tenure to lock away liquidity from those who may seek to use it on the parallel market.
So every piece of policy that is necessary for a stable currency has been put in place and has been instituted.
It is baffling that there is still a parallel market and there is still talk of a parallel market. It shouldn’t even exist, we are doing so well.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mthuli Ncube "Baffled" By Existence Of Forex Parallel Market, Says Zimbabwe Is "Doing So Well"

The Reserve Bank of Zimbabwe (RBZ) has no control over the ever-rising black-market exchange rate according to the central bank’s senior payment systems analyst, Howard Tundu.
Tundu made the remarks while speaking at the Consumer Education and Awareness Campaign hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) at Jerera Growth Point in Zaka, Masvingo Province. He said:
<blockquote>
As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar.
</blockquote>
But Africa Economic Development Strategies executive director Gift Mugano told <a href="https://www.newsday.co.zw/local-news/article/200012491/we-cannot-control-black-market-exchange-rate-rbz">NewsDay</a> in an interview that the RBZ should be concerned about the parallel market rate. He said:
<blockquote>
The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions.
You can’t say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat.
</blockquote>
The Zimbabwe dollar is currently trading close to $4 000 to the US dollar on the parallel market.
This has resulted in price hikes and the shortage of some basic food items in supermarket shelves where they are sold in Zimbabwe dollars but the same goods are readily available on the informal market and being sold exclusively in US dollars.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

RBZ Cannot Control Black Market Rates, Says Official

The  Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) says it has fined over 300 firms in the past 18 months for fuelling illegal foreign currency activities on the parallel market.
FIU director general Oliver Chiperesa told Business Times that some firms “dump” their proceeds onto the parallel market in search of scarce US dollars, thereby destabilising the local currency and fanning inflation. He said:
<blockquote>
We have fined over 300 companies in the past 18 months over their participation in the illegal trading of foreign currency on the parallel market thereby influencing the exchange rate.
Since 2021 we have taken this administrative action against these companies to instill discipline.
</blockquote>
Early last year, FIU froze the bank accounts of several companies including Transervet, Powerspeed trading as Electrosales, Halstead Brothers, and Enbee. Said Chiperesa:
<blockquote>
As FIU we check the anomalies in the banking sector, that is where we monitor how the money was moved, what where you buying, whether is it a normal operating company, and does it have the services you require, if we see that there is no linkage and there is no normal business relationship with the two companies we pick it.
After that, we dig deep and analyse the findings as well as engage the parties, resultantly many have confessed to taking part in the parallel market.
If we are tough with every business that we find guilty, the economy will ground to a halt. That’s why we try to strike a balance.
The main reason why we try to deal with the issues at FIU level is that our criminal laws are a bit weak on that side as most issues we have referred to the police were not effectively dealt with.
</blockquote>
Chiperesa said FIU now has the power to freeze accounts for 90 days from the previous 14 days to give the police the time to investigate.
The penalties stretch to over ZWL$1 million per violation but sometimes the violations could be bigger and attract bigger penalties.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

FIU Fines 300 Firms Over Parallel Market Activities

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