Zimbabwe’s Central Bank denies any intention of raiding forex accounts.

 

Zimbabwe’s central bank said it has “no reason or appetite to raid” foreign-exchange accounts and denied allegations of a bank run and the raiding of US dollars made by the country’s largest industry lobby group. 

In a position paper released on Friday, the Confederation of Zimbabwe Industries urged the central bank to discontinue its weekly foreign currency auctions and emphasised the growing use of the Zimbabwean dollar.

The lobbying group also mentioned “raiding” of foreign currency accounts. “The impressions depicted therein are unfortunate and uncalled for, as they have the potential of destabilising financial markets and the country’s economic stability,” said John Mangudya, governor of the Reserve Bank of Zimbabwe, in an emailed statement late Saturday.

The central bank will not suspend the weekly foreign currency auction, as requested by the lobby group, because it will cause a shortage of goods and increase inflation, according to Mangudya. 


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