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Mangudya Discourages People From Chasing Parallel FOREX Rates

The Reserve Bank of Zimbabwe (RBZ) has warned Zimbabweans against losing value for their money while chasing parallel exchange rates saying foreign currency receipts for the first nine months of the year amounted to around $5 billion hence everyone still has access to Forex for paying school fees among other essentials.

RBZ Governor John Mangudya, defended his latest Monetary Policy measures insisting no one has been disadvantaged.

“We have $404 million of bond notes in circulation and total foreign currency receipts for the first nine months of the year amounted to around $5 billion. So if you remove the bond note those exporting will reduce their exports. Removing the bond note does not also reduce fiscal imbalances

“By the way the new Monetary Policy measures are an improvement from the previous position,no one is being disadvantaged at all.

“Everyone still has access to Forex for paying school fees,medical expenses and many more,those exporting and the diaspora can access their Forex also without hindrance,” he said.

Exchange rates on Zimbabwe’s parallel market have skyrocketed to an average 220% for real time gross settlement (RTGS) transfers on the back of foreign currency shortages facing the country.

He discouraged people from chasing after parallel foreign currency rates dispelling perceptions that the new monetary measures will lead to loss of money saved in banks.

“So please kindly avoid to lose value for your money in the bank by chasing money in the parallel market.

“Who deposited and lost his or her Forex at the banks over five years? its not fair to assume that money at banks is not safe,” he said.

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