RBZ governor John Mangudya

Currency decline: ED’s ascendancy challenged Zim shuts down forex platform

ZIMBABWEAN authorities shut down a popular black-market currency-tracking platform, the latest action to try and stop an accelerating decline in its currency.

The central bank ordered marketwatch. co.zw and other sites that publish parallelmarket currency rate to shut down, governor John Mangudya said on Tuesday. The website has been used by residents and businesses to guide their purchases of foreign exchange in Harare, which they are forced to
resort to when weekly central bank auctions don’t provide enough to meet demand.

Zimbabwe follows Nigeria in blaming online platforms for fuelling the collapse of their currencies. Nigerian authorities last month targeted abokiFX, after central bank governor Godwin Emefiele accused the company of manipulating the exchange rate. abokiFX denies any wrongdoing.
— bloombergquint

Leave a Reply

Your email address will not be published. Required fields are marked *