Zimbabwe News and Internet Radio

Zimbabwe governor says individuals and companies hold $1.3 billion in foreign currency accounts

By MacDonald Dzirutwe

Zimbabwe’s central bank governor John Mangudya said on Monday individuals and companies hold $1.3 billion in foreign currency accounts after the Finance Minister announced that individuals will be allowed to withdraw cash U.S. dollars from those accounts.

Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare yesterday. —(Picture by Tawanda Mudimu)
Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare. —(Picture by Tawanda Mudimu)

Zimbabwe made its interim currency, the RTGS dollar introduced in February, the country’s sole legal tender last Monday, ending a decade of dollarisation and taking a another step towards relaunching the Zimbabwean dollar.

Mangudya said on Monday the southern African nation will initially print 400 million Zimbabwe dollars, which will be gradually introduced in circulation to fill gap left by end of dollarisation.

He also told lawmakers in parliament that $525 million has been traded on Zimbabwe’s official interbank market since its launch in February. Reuters