Banks to meet all legit forex requirements

ALL legitimate requests for foreign currency made through proper banking systems will be fully satisfied as the country’s reserves are well stocked to meet demand, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube has said.

Further, the Government will soon be introducing measures to ensure that no exchange rate, other than the official rate, will be used for the pricing of all goods and services.

In a statement this week, Professor Ncube said all procedural foreign currency requests will be fulfilled as the country had enough reserves in its vault.

The Government, said Professor Ncube, is now moving to institute measures that ensure strict adherence to the official rate and restrict parallel market activities.

He said there is no need for an alternative exchange rate as the official rate is determined by demand and supply.

Professor Ncube consequently urged all stakeholders, including retailers and service providers, to accept the recently introduced ZiG currency.

Statutory Instrument 60 of 2024, Presidential Powers (Temporary Measures) legalised and operationalised the new currency, thus the Government and banks immediately started transitioning to these new currency arrangements.

The Second Republic, said Professor Ncube, will continue championing measures to restore confidence in the country’s financial system and provide a conducive business environment.

He also implored the media to take an active role in promoting the acceptance and adoption of the ZiG.—