Zimbabwe To Have New Forex Rates Tommorow
The governor of the Reserve Bank of Zimbabwe, John Mangudya has announced that the auction system which will tell the official peg of the local currency against foreign currencies will start working this Tuesday.
He made the remarks during an interview with the Sunday Mail during which he also said that the 1:25 rate which the government recently ditched was not viable. He said:
What we are saying is very clear in that the auction market is going to receive bids starting Tuesday from an array of foreign currency users. After receiving the bids we will end up having an average rate that will be used for all official systems.
All shops will now be obliged to display the official rate so that they can peg prices in that regard as opposed to pegging prices based on the parallel market.
He added that the move was premised at addressing inflation and variation between the official and the black market forex rates
Mangudya also said starting Tuesday, the country will have an official market for foreign currency adding that it will be used for all transactions involving foreign currency.
The local currency has been rapidly losing value against other currencies thereby triggering a rise in inflation.
More: ZBC News
