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*RBZ Accused Of Fueling Black Market Forex Volatility* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?wy Harare-based economic commentator John Robertson has blamed people “very close” to the Reserve Bank of Zimbabwe (RBZ) for manipulating foreign currency rates on the black market. Robertson believes that some people buy foreign currency on the official interbank rate for 1:17 and then sell it on the parallel market for profit at $24-$25 to the US dollar. 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 people who are buying money at the official exchange rate seem not to be using that money for importing things. It would appear they went on the (parallel) market and sold that money at $24-$25 to the US dollar, simply for profit. > It would seem that some people very close to or connected to people in the Reserve Bank are the ones guilty of this behaviour. We expect the Reserve Bank to use its authority to discipline its people. The RBZ’s Financial Intelligence Unit last on Friday accused a Chinese firm, China Nanchang, of releasing millions of dollars on to the market, stoking a wild run of the exchange rate. The Chinese firm’s account was subsequently frozen “pending further analysis”. *More: The Herald* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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