-- Zimbabwe’s central bank has injected $190 million into the foreign-exchange market to meet demand for dollars and maintain economic stability since the introduction of a new bullion-backed currency, a monetary policy committee member said.Dense Cities With Low Emissions Suffer Most From Air Pollution, Study Finds
“Initially there was not much need to intervene at the launch of ZiG,” Persistence Gwanyanya said in a phone interview on Monday. “But now there has been, with the emerging volatilities, which show reduced dollarization in the economy from 85% to 60%.” The Reserve Bank is using foreign-exchange proceeds collected from exporters to inject dollars into the market, Governor John Mushayavanhu said last week.
“Dedollarizsation is happening faster than we expected,” Gwanyanya said. “We tend to experience these challenges, so we need to manage all the pressures.”The ZiG trades at 13.86 per dollar on the official market, data posted Monday on the central bank’s website shows. A greenback fetches between 16 and 26 ZiG on the streets of the capital, Harare, according to ZimPriceCheck.Com, a website that tracks official and unofficial exchange rates.