Interbank facility to be fully operational this week – RBZ

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By Business Reporter

RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya says the newly introduced interbank forex exchange market will be fully functional by end of this week as most financial institutions are still finalising their logistics.

Speaking to Business Saturday, Mangudya said current delays in kick-starting the plan were only temporary.

“Banks started trading last Friday but not all the banks have so far managed to start trading.

“Remember, banking is a bit complicated because there are a lot of processes that have to be engaged.

“Some of the banks will need to purchase part of the resources that are used in these processes out of the country,” he said.

Mangudya said the monetary policy had just been concluded this past week, hence there was no reason to expect everything to be in place overnight.

The interbank market announced by Mangudya during his monetary policy statement last Wednesday facilitated forex exchange trade between willing sellers and buyers. Business Saturday visited several banks in Harare among them, First Capital Bank, Stanbic Bank, ZB Bank and Standard Chartered with most of the financial institutions’ enquiries desks professing complete ignorance over the new development.

Some of the bank staff said they were yet to get finer details from the central bank.

Mangudya said it was understandable that local banks took their time to set systems in place for the roll out of the new forex trade regime.