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Zimbabwe announced the introduction of an electronic forex trading platform based on the Reuters system, to allow foreign exchange to be traded freely amongst the banks and permit a true market exchange rate to be determined.

"Zimbabwe has had no transparent and effective foreign exchange trading platform for a long time. Consequently, official rates have not been effectively determined, while a thriving parallel market has developed. To correct this anomaly, an electronic forextrading platform based on the Reuters system is being immediately put in place.", the Finance Minister Mthuli Ncube said in a statement.

 

The Bureaux de Change, will also participate on this platform through their Authorised Dealers, as well as the Reserve Bank of Zimbabwe, who will continue to be a significant player in the market, providing liquidity to stabilise the exchange rate, where necessary.

 

On Wednesday, the Zimbabwe dollar was trading at 18.26 against the U.S. dollar on the official interbank market.

 

Read the full statement...

 

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