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*Banks Directed To Embrace Black Market Exchange Rates* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?pt The Reserve Bank of Zimbabwe (RBZ) has directed banks to embrace the parallel market foreign exchange rates as it also re-aligned the rate at which local fuel distribution companies should source forex. John Mangudya, RBZ governor said that the measures should apply from Tuesday this week. Mangudya said: ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > The bank has directed banks to effectively apply the willing-seller willing-buyer principle to ensure that the interbank foreign exchange market is reflective of market conditions. Accordingly, banks must ensure that there are no moral hazards in the operation of the interbank foreign exchange market. > In this regard, all the foreign exchange requirements for banks for their own use include dividend payments, subscription fees, etc, would need prior Exchange Control approval for the proper conduct of the interbank foreign exchange market. Similarly, banks should discontinue twinning arrangements for their customers as this undermines the efficient operation of the interbank foreign exchange market. This means that banks can now trade forex at parallel market rates. Fears abound, however, over the possibility of banks monopolising forex for their own use alone. More: The Independent _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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