forex foreign exchange systems

Forex reserves hit all-time low

A number of state institutions had their requests for foreign currency from the Reserve Bank of Zimbabwe (RBZ) turned down during the past two months, amid reports that reserves have hit an all time low. Investigations proved that the Registrar General (RG), the Zimbabwe National Water Authority (ZINWA), Air Zimbabwe and other state institutions have made applications for foreign currency but were told by governor Gideon Gono that the central bank couldn't provide.
Sources within the RBZ forex section revealed that reserves had drastically fallen over the past three months owing to continuous falls in the levels of exports. The rising of trade and exchange rates on the parallel market, which Gono has failed to tame since taking office in 2003, had also affected reserves, the sources said.
Registrar General Tobaiwa Mudede has said the operations of his department are at a virtual halt due to lack of foreign currency to import vitally required ink and material used to make passports and identity cards.