The RBZ will continue its confidence-building measures
The Reserve Bank of Zimbabwe (RBZ) has said it will continue to apply confidence-building measures and is optimistic that the recently secured $ 500 million interbank facility will go a long way in stabilizing the exchange rate.
The country’s umbrella bank said the interbank market remains essential to correct price distortions in the foreign exchange market and restore national competitiveness.
Responding to questions posed at the 2019 African Finance Association conference in Victoria Falls, RBZ Director of Economic Research, Mr. Central Bank’s confidence in short- and medium-term exchange rate convergence.
âA major distortion that we faced was in the allocation of foreign currencies and now we are saying that the market should allocate forex. The key is to make sure that all the transactions that we used to allocate forex are transmitted. interbank, âMufararikwa said.
Delegates attending the African Financial Association conference organized by the Africa Growth Institute believe Zimbabwe’s monetary reforms will restore financial sector stability and stressed the need for complementary fiscal policies.
The Vice-Chancellor of the University of Great Zimbabwe (GZU), Prof. Rungano Zvobgo and the Executive Dean of the Faculty of Business of the National University of Science and Technology (NUST), Dr Peter Nkala stressed the need for ‘collective efforts to ensure macroeconomic stability.
âThe cry baby approach to development will get us nowhere,â said Professor Zvobgo.
âZimbabweans are known for their resilience and we must be determined to face the obstacles,â said Dr Nkala.
The 2019 African Finance Association conference attracted academics, banking, finance and insurance researchers and practitioners from across the continent to discuss issues impacting the banking, finance and insurance sectors in Africa.