THE Reserve Bank of Zimbabwe (RBZ) has launched an investigation into financial institutions that have been allegedly abusing the interbank foreign exchange market with a view to cancelling their operating licences. It was not clear whether this was an official document from the central bank but RBZ governor, Gideon Gono, last night denied having ordered banks to stop trading foreign currency on the interbank market. The central bank is investigating allegations in the market that some managers within the banking community are buying foreign currency in their individual capacities but using their bank?s structures. The investigators believe that some banks have not been allocating foreign currency to the priority list set by the central bank when the interbank market was introduced two months ago. read more
[Tags]bank, interbank, currency, market, foreign, central, forex news[/Tags]
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