The Reserve Bank of Zimbabwe (RBZ) has injected an additional $50 million into the market to support the foreign exchange system.
However, industry leaders believe banks are not doing enough to facilitate the smooth functioning of the market.
They argue that the policy of requiring companies to have no current nostro balances before bidding for foreign currency hampers demand.
The RBZ must streamline its processes and reduce administrative hurdles to ensure the economy runs smoothly and restore confidence in the currency market.
Stabilizing the exchange rate without addressing fundamental issues such as inflationary pressures and market confidence is a short-term solution, an economist said. She stressed the need for deeper fiscal discipline, increased transparency and clear communication from the RBZ to ensure long-term stability.
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