Inter-bank Forex Market To Receive US$500m On Monday: Mthuli Ncube

Finance and Economic Development Minister Professor Mthuli Ncube has announced that the government has securedUS$500 million from international banks in order to supply the interbank forex market.

Concurring with Minister Ncube the Reserve Bank Of  Zimbabwe  said the US$ 500 million will be drawn down on this  Monday,

Government through the Reserve Bank of Zimbabwe is drawing down US$500 million on Monday, 20 May 2019, to supply the interbank forex market to meet the forex payment requirements of business and individuals.

After numerous inquiries about the source of the funds, Finance Minister Mthuli Ncube said,

The US$500 million new facility raised from international banks will increase the supply of foreign currency for imports, for industry and other sectors.

The interbank market has largely been underwhelming since it was introduced with businesses complaining about how hard it is to source foreign currency from there even if you have the requisite RTGS in abundance.