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*US$799 Million Worth Of Forex Traded On The Interbank Market - RBZ* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?wr The Reserve Bank of Zimbabwe (RBZ) says about US$ 799.0 million worth of foreign currency has been traded on the interbank market since its introduction. In his 2019 mid-term Monetary Policy Statement released on Friday, RBZ governor John Mangudya also revealed that the current account deficit has narrowed considerably. He 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* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > The introduction of the interbank foreign currency market was meant to address the foreign currency grid-lock arising from widening parallel market activities by harnessing foreign exchange through the formal market. > As a result, about US$ 799.0 million worth of foreign currency has been traded on the interbank market since its introduction. > … The current account deficit narrowed from a peak of US$2.7 billion in 2011 to US$1.4 billion in 2018 and is projected to further contract to US$597.2 million in 2019. > This development augurs well with an easing of pressures on the foreign currency demand and exchange rate stability. > The Bank has, however, gone a long way to contain money supply growth through mopping up of excess liquidity and reducing central bank financing of government deficits. > Similarly, the exchange rate depreciation has been contained and the interbank rate has stabilised following the removal of the multiple currency system in June 2019. _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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